Topic of the Day — the SEC Continues Its Terror and Has Already Reached DeFi. Polygon Labs Was the First to Call It a Day


It seems that Polygon Labs is trying to find a compromise with regulators who are tightening control over decentralized finance. It seems that this could not have happened without the US Securities and Exchange Commission (SEC) itself.


Polygon Labs' recent proposal to take control of tools in the DeFi sector seems strange, since decentralized protocols, by definition, cannot be controlled centrally.



At first it may seem that all this is some kind of nonsense. What is it like, decentralized finance under the control of third parties? This is generally against the very idea of decentralization!


Perhaps this is an attempt to reassure the SEC and show that the company is ready to cooperate within the law.


While at first glance it looks like Polygon Labs is asking them to “put themselves under control,” in reality they are simply trying to protect their business from regulatory pressure. Even if this means making strange concessions.


By the way, Rebecca Rettig and Katja Gilman are, respectively, general counsel and senior manager of public policy at Polygon Labs. They are engaged in the development and coordination of global policy, as well as interaction with policymakers and regulators around the world in the context of software development for scaling blockchain and other technologies.


On behalf of the company, Ms. Rettig and Gilman filed a 45-page document saying that truly decentralized DeFi protocols should be designated as “critical infrastructure.” This is precisely what gives the right to exercise control to the Office of Cyber Security (OCCIP) of the US Department of the Treasury.


However, to ensure that Polygon Labs does not leave the legal field and continues to work legally, similar proposals are being created.


The main thing is that in practice, decentralized finance remains truly decentralized. And all these bureaucratic measures were just for ticking the box, allowing innovative companies to continue to develop.


#defi #matic #polygon #btc #crypto #sec #finance

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