FIT 21 is a Psyop and Will End DeFi

In this episode of Leviathan News, Samuel McCulloch and DeFi Advisor discuss the FIT21 bill and its potential implications on the decentralized finance (DeFi) sector in the U.S. with Lawyer Alex Golubitsky, labeling it a 'psy op' that could effectively end DeFi. The discussion prominently features critiques of Gary Gensler, past CFTC regulatory actions, and detailed analysis of the FIT21 bill's provisions. Alex elaborates on the history of regulatory approaches, potential pitfalls of the FIT21 bill, and its paradoxes. Join our Telegram: t.me/leviathan_news References: Sarah's Token Launch Flow: https://miro.com/app/board/uXjVKDbf5kQ=/ Dissenting Statement of Commissioner Summer K. Mersinger Regarding Enforcement Actions Against: 1) Opyn, Inc.; 2) Deridex, Inc.; and 3) ZeroEx, Inc.: https://www.cftc.gov/PressRoom/SpeechesTestimony/mersingerstatement090723 Cryptocurrency Derivatives, Funds and Advisers: Key Considerations Under U.S. Commodity Laws (Part 4: About the Interests of Interest): https://www.derivativesandreporeport.com/2018/10/cryptocurrency-derivatives-funds-and-advisers-key-considerations-under-u-s-commodity-laws-part-4-about-the-interests-of-interest/ Ooki Dao Report: https://www.fintechanddigitalassets.com/2023/07/whats-next-for-daos-in-the-wake-of-the-ooki-decision/ 00:00 The FIT21 Bill: A New Regime for Crypto 00:58 Historical Context: Forex Trading and CFTC 05:07 The Threat to DeFi: Lessons from the Past 05:46 Interview with Alex Golubitsky: Legal Insights 09:35 Understanding Decentralization in FIT21 18:13 Digital Commodities and Regulatory Challenges 24:36 CFTC's Role and Potential Overreach 30:45 Regulatory Challenges for Digital Commodities 31:48 Understanding Eligible Contract Participants (ECPs) 33:51 Mandatory Intermediation in DeFi 35:50 Implications of Fractured Liquidity 40:15 The UKIDAO Case Study 44:00 The Future of DeFi Regulation 48:21 Closing Thoughts on FIT21 51:08 Ethereum ETF and Staked ETH Discussion 53:22 Upcoming Events and Wrap-Up