Ethereum is not about lawlessness. It’s about innovation.

It’s disheartening to see talented lawyers like @lex_node struggle.

Some thoughts on why this may be the case below: https://twitter.com/lex_node/status/1299575964305768448

- Blockchains have decentralized the asset management, creation, and settlement layer of traditional finance, lessening the technical need for centralized exchanges.

We’re seeing this play out as a raft of tokens emerge and as dexes take volume away from centralized exchanges.

- Blockchains enable low cost, borderless pooling of capital. This lessens the need for projects to obtain capital solely from venture capital funds.

In DeFi this also is altering the need for market makers and clearing houses.

- Public blockchains are permissionless and pseudonymous, like the Internet, creating tensions with AML / KYC regimes. More advanced crypto is coming to public chains making these challenges even harder.

- New token models are dividing up rights that were traditionally bundled in stock. Governance tokens are a good example here and their status is unclear.

Imho, all of this innovation is important, as folks build towards a truly global financial system.

However, @lex_node is correct that regulators must keep up and it’s been hard for them to do so. The innovation in the space is moving incredibly fast.