Some Light at the End of The Tunnel For DeFi....technically....but in legal complexity...crowdsourcing brain power here.

I think the best case and only case strategy for defi is going to be some hyper elaborate legal structure wrapping, im just repeating crypto law twitter of course. Recognizing smart contract as counter party seems huge.

Given how extreme the CFTC application process is, the only person getting onchain DeFi licenses is like SBF 2 years from now, so I don't see how onchain leverage remains open to US citizen without a fully anon dao/anon devs. Gonna be real about it.

I can see a path for sure for like the dao itself being a OTC counterparty...I would have to reread Dodd-frank heavily, we're talking about a smart contract being a legal counter party and broker-dealer/self-dealer because the dao has personhood & instrumentality.