The first question one must ask is, what are we trying to prevent from occuring?

⁠The answer is quite simple. We want hackers and rug pulls to be avoided. The solution to this problem is already in the code for nearly every blockchain except Ethereum. Each Blockchain has had the ability to block or freeze transactions on their blockchain when a hack occurs. Almost every notable hack has a community spamming the founders of Binance Smart Chain, Harmony, Solana, Polygon for weeks without reply.

Unfortunately, I went to through a project that I had created, being hacked. I had the direct contacts to the CEO's of each Blockchain and the reply I got was this:

⁠'In the name of decentralization, we cannot interfere with the blockchain as it goes against our principles'.

⁠This reply angered me. If you have the power to do good in this world, why not do it? If you're here for the implementation of technology, it's worthless without people using it. People will not use it if it's not safe to use. Ultimately, hackers have become extremely savvy in their approach. They will even go so far to look exactly like Changpeng Zhao and pretend to be the Binance Exchange.

⁠The Binance Exchange highlights that they will not contact over telegram or other platforms, but this is where the credibility of the blockchain founders is questionable at best. Binance officially and unofficially ran a product called "MVB Incubation Program" that would take large sums of money on a monthly basis, to include projects as top stars on the blockchain. Apparently they had received funding from Binance and was tweeted by Binance Smart Chain numerous times as the facilitator of this builder program. It's said to have been helping projects with funds and growing them with grants.

⁠The Binance Labs were fishing themselves across telegram, approaching projects with an opportunity to be featured by Binance Labs, which in turn brings eyes to the project for their accomplishments. The cost came with "packages" you pay for. Percisely the opposite of what a grant is. So, while Binance claims full decentralization and refusal to interupt the binance smart chain, they will actually have pandering occur for millions in revenue during this MVB program.

⁠This program was so successful during the bull market, it recruited more than 200 projects to pay them for a little bit of marketing promotions. There were no grants. There was no financial support, except a promise that it may or may not result in a listing on Binance, which completely contradicts the premise that Binance does not operate on platforms such as telegram.⁠

⁠This article isn't to take issue with Binance but to display the lawlessness and selectiveness in who they help on their chain and who they do not help. When Binance Exchange projects have a massive hack or theft, they are suddenly playing God. When Binance Smart Chain projects have the same happen, Binance is disinterested in the discussion.

⁠Harmony Protocol did the same, they'd throw around grants to projects that they personally like while denying or refusing to engage on grant discussions with other projects. When a hack occurs on their blockchain, they will ignore the project owners and suddenly distance themselves as if they never knew them. For a product that claims to be decentralized, this is a whole lot of selective meddling.

⁠In fact, when my hack occured and notified the CEO and COO of Harmony Protocol, their response was as highlighted earlier:

⁠⁠'In the name of decentralization, we cannot interfere with the blockchain as it goes against our principles'.⁠

⁠But what wasn't included before, is that I had asked these guys "So you can save $1.2M dollars on your blockchain right this moment, but you're refusing to do so?" and the reply was short and sweet... Yes. ⁠

⁠So, long story short, how do you regulate Crypto Currencies? You build a list of instances and actions that can result in a freezing of assets. You designate a department for obtaining legal clearance for those assets to be released. Then, any massive liquidity pulls or 20+% dumps of any Liquidity Pool will almost never happen if it triggers a freeze. In fact, this is an absolute safeguard for retail investors that has been completely ignored by chains such as Binance Smart Chain, Harmony Protocol, Polygon, Solana and Avalanche and they absolutely have the power to make such a safe mechanism.

⁠So, when we speak about government oversight and federal involvement, the only real place that requires some elements of damage control and protection are the blockchains. When will these Blockchain founders and teams stop acting like they operate in DEFI which doesn't exist, and begin thinking about the investors/customers and their best interests?