This is a really good podcast on ETH / BTC security vs commodity discussion. And then they go into how defi could get regulated. It could affect how we deploy front ends in the US.
Listening to this make me think a P2P Atomic Swap order book could escape regulatory capture. They point out that the centralized onramps to defi are likely spots to KYC. So websites like uniswap.org.
But if we can deploy an AMM that does not have a centralized match maker (website hosted in the US) it could fall outside the expected regulatory jurisdiction of the SEC. This is the most informative pod I’ve listened to on this topic.