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The question facing US officials is вЂњhow does a person who writes some software get regulatedвЂќ by the Treasury or the Securities and Exchange Commission, he adds, estimating it could take two years for the resulting legal challenges to unfold. RecommendedД®rik Voorhees created ShapeShift to become an вЂimmutable, borderless financial systemвЂ™ В© Eva Marie Uzcategui/Bloomberg The KYC obligation means intermediaries are supposed to know their usersвЂ™ names, monitor their transactions and report activities that raise money-laundering suspicions to the authorities. Of particular concern is the fate of a key pillar of the anti-money laundering regime - the requirement on financial companies to вЂњknow your customerвЂќ.

The worry among regulators is they would replace the very entities that governments turn to for help in enforcing the laws against money laundering - bankers, brokers and money transmitters that stand between people and markets. The appeal of DeFi platforms is that they would lower costs and speed up trading, using digital assets. Although their legal status is hazy and their structures vary, DAOs are a way to put control of DeFi platforms into the hands of a community of stakeholders, often entrusted with governance tokens granting voting rights, rather than a centralised company. Operating under names like Uniswap, Sushiswap and Pancakeswap, DeFi platforms seek to replace financial intermediaries such as banks or brokers with software known as smart contracts, commonly run on the ethereum blockchain, that would automate market activity. These anxieties are being fuelled by the growth of what has become known as decentralised finance or DeFi - a business with assets now measured in the tens of billions of dollars. Now, they fear that new blockchain technologies will make it easier for criminals and kleptocrats - who are believed to launder hundreds of billions of dollars a year - to move money around the global financial system.ДeFi platforms like Sushiswap and Pancakeswap seek to replace financial intermediaries such as banks or brokers with software known as smart contracts

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Regulators have long worried that the secrecy of the crypto trade - in which coins are controlled by the holder of a вЂњprivate keyвЂќ, a form of cryptographical password - creates opportunities to disguise the origin and ownership of funds. VoorheesвЂ™s July 14 proclamation has since become a hot topic of conversation in US regulatory circles, where it has been seen by some officials as heralding a new phase in the battle to prevent money laundering on blockchains - the digital ledgers of cryptocurrency transactions. They shall - like language, mathematics, and love - emerge voluntarily and without central rule.вЂќ

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вЂњLetвЂ™s be direct: money and finance shall not be operated by coercive government among free people. вЂњShapeShiftвЂ™s vision is the establishment of an immutable, borderless financial system,вЂќ Voorhees wrote on Twitter, where he has nearly 525,000 followers. Voorhees will receive the biggest share, a little more than 5 per cent of the maximum total supply, he added. Control of its open-source software for exchanging cryptocurrencies would вЂњgradually migrateвЂќ to holders of ShapeShiftвЂ™s FOX digital token, which had been distributed to employees, investors and customers. ShapeShift, as the enterprise is known, would become a вЂњ decentralised autonomous organisationвЂќ, or DAO, over time, he declared.

He said the company he had founded seven years earlier to help people exchange cryptocurrencies without making their names available to the government or anyone else would disappear from the face of the Earth - even as its services remained available to those who wanted them. A few days after the July 4 holiday in the US, a 37-year-old entrepreneur in Denver named Erik Voorhees issued his own declaration of independence.