CFTC Chairman Nomination Hearing @SenateAgGOP: @MikeSeligEsq just told Congress what the industry’s been saying for years: blockchain isn’t one-size-fits-all — and truly decentralized, onchain tech shouldn’t be forced into legacy intermediary rules. DeFi future looking bright here in America. Thank you @MikeSeligEsq and @JohnBoozman for your tireless work for the American people. @JohnBoozman: "As the committee deliberates granting the CFTC spot digital regulatory authority. How should we think about DeFi and ensuring that activities with respect to technology are not subject to inappropriate intermediary registration regimes?" @MikeSeligEsq : "Thank you, Senator. As I mentioned, I think there is this issue of regulation-by-enforcement, and sometimes we take a one-size-fits-all approach to all types of financial products and services. But really, Blockchain enables such a broad swath of new types of products, services, applications, and so it may not make sense in many cases to apply financial regulation, for example, to a video game app that runs on a blockchain." "So I think when we're thinking about DeFi, it's something of a buzzword, but really we should be looking to onchain markets and onchain applications, and thinking about the features of these applications, as well as where there's an actual intermediary involved, where we have some operator, administrator, and in many cases, that may not be and so we have to think about the best approach, and I look forward to working with your office to figure that out."