jakiro
Author: PHYREX Source: X,@PHYREX_NI
The information released by SEC today seems to not be concerned about the Chinese field, but this may be a very, very important thing, and it is important to change the pattern of Defi.(The content that may not be included is that the asset is less than 50 million US dollars)
Some friends may question whether it is so exaggerated. You can see the new rules first and require in the new rules:
“Market participants who serve as some dealers, especially those who assume important liquidity in the market, must register in SEC, become members of the self -discipline organization (SRO), and abide by the federal securities law and regulatory obligationsEssence”
Can you understand what this means?Theoretically, this is a requirement for city merchants. It is necessary to register in the SEC as a city merchant, and: and:
“Any activity described in the rules is” dealers “or” government securities dealers “, and if there is no exception or exemption, it needs: according to Article 15 (a) or 15 (A)Register 15C to the committee, if applicable; become a member of SRO; and abide by the Federal Securities Law and Supervision Obligations, as well as the applicable SRO and the Ministry of Finance. “
In other words, this requires the SEC approval and obtains relevant qualifications in order to engage in the role of “being a city merchant”. Seeing that there may still be a lot of friends who do not understand it.Intersection
This is the biggest problem. There is a character in Defi called “AMM”, which is called “LP” that forms this character. Do you understand here? It provides lp that provides liquidity to DEFI, that is, it provides AMM with liquidity. It is also called AMM.City merchants, and the services provided in fact are indeed a service for city merchants.
So is the AMM referred to as “market participants who play the role of some dealers, especially those market participants who are assumed in the market with important liquidity.”As a result, I will give an example.
Assuming that the project party A issued a currency, and then the transaction pair was arranged on the DEX, and the largest liquidity of this transaction was the project party, then the project party A complied with the SEC regulations, because project A became a project A became a project A became a project A became a regulations.”Traders”.
Of course, if A’s overall liquidity includes the currency price is very limited, then even if it violates the SEC regulations, I believe no one will come to you, but if you replace A with a top project, and this top project is this top project, and this top project isIt attracted a large number of users and funds, and the project party or a certain person became the biggest liquidity provider, so do you say that SEC will start?Even if it does not directly start, if it is paired with the oral language of the SEC
“You are a securities”, what will happen?
Yes, you may say that this is just code, which is decentralized.That’s right, but providing “liquidity” to the code must be a centralized “entity” with assets. Of course, you do n’t say that this is the liquidity pool of group AI, nor is it not possible.Who is, if it is a black hole, then it will be okay, but if it is a physical individual, it is still suitable for this new rule.
Of course, whether this regulation will really be extended to Crypto’s field (it has been confirmed that it is suitable for DEFI), it is not known now, but it can be known that this regulation is 100%included in the field of Crypto. It is nothing more than looking at it.SEC will choose how to execute, that’s all.
PS: So what’s the disadvantage of this regulation?Do you still need to ask?SEC will not easily start with a certain person. The cost of law enforcement is too high, the income is too low, and the individual itself will not have a lot of impact on a certain project, but if it is within the jurisdiction of the SEC “securities”,Then the possibility of receiving the SEC ticket will be very high. If you say people, if you or your project is not on the list of SECs or on the sight, it is that 100%pool is all yours, but if you or youThe project is being “monitored” by the SEC, then your risk will be very high.
For another example, the last time the SEC announced a few token is “securities”, and the one who is not dead is one of the biggest liquidity providers of the “securities” token, then who you do not lose unlucky.
The “you” here may be the project party, or it may be a city merchant, or even a large household who is sitting in the village.The key point lies in “market participants who provide important liquidity to provide characters.”Especially when you provide a liquidity of more than $ 50 million.
PS2: The threshold of 50 million US dollars seems to have not yet been concluded. Let’s take it as calculated at 50 million US dollars. $ 50 million is just the number that Gary hesitated at the time, not necessarily the end.
