Shadowy Super Bankers | Weekly Recap

Someone tell Senator Warren DeFi isn't the enemy...it's the solution
Jul 31, 20212 min read

Dear Bankless Nation,

Elizabeth Warren came out this week scrutinizing crypto.

Some harsh words. Here’s one of the quotes:

“Instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy, faceless group of super-coders and miners, which doesn’t sound better to me…

First of all, shadowy super coders? Ok that just makes it sound cool.

Second, we’re not at the whims of super coders and miners. These are opt-in systems anyone can fork. Let’s not conflate crypto with giant American banks.

Third, many of us aren’t faceless…

The largest DeFi protocol by market cap and arguably the most successful is Uniswap. Created by Uniswap Labs (a venture backed American-based company) and U.S. entrepreneur with a face, Hayden Adams.

Shadowy super coders doing shadowy things in a secret underground elevator

How about Compound? A lending and borrowing protocol that’s delivered tens of billions in value—built by Compound Labs and founded by an American who’s also a person with a face Robert Leshner.

As Maker Founder Rune Christensen pointed out if the U.S. seriously interferes with DeFi innovation it would be one of the most massive self-owns in recent history. DeFi is a rapidly innovating sector in tech and much of that innovation is US-centric.

You wanna end that?

Her anti-crypto letter to Treasury Secretary Janet Yellen included this:

“DeFi refers to a fast-growing and highly opaque corner of the cryptocurrency market which allows users to engage in a variety of financial activities”

Highly opaque?

Senator...we call this open finance because it’s the least opaque financial system humanity has ever created. It’s crystal clear. Everything is viewable on a public, permissionless ledger. The software can only do what it’s programmed to do.

This isn’t your enemy.

This is the solution.

In DeFi, earnings reports are available in real-time. Our financial agreements are accessible to anyone. Our banks are open ledgers. You can click view source on any asset and see exactly what it contains.

You know what’s opaque?

The U.S. banking system and shadowy super bankers that control it.

Isn’t a free, open financial system where everyone plays by the exact same rules the most American thing ever?

It should be.

If not, crypto will march on regardless.

Because crypto is the next internet. If the U.S. doesn't adopt it, the U.S. falls behind.

Next week is EIP 1559 week…

  • We talk inflation with Lyn Alden (early access for Premium Subscribers!)
  • We’re hosting THE BEST panel ever on EIP 1559
  • A tactic on how to make bank from automated options strategies

Enjoy the weekend.


P.S. 30% off Ledgers?? Only discount I’ve seen all year—get on it (especially if you don’t have a  hardware wallet yet!!).


  1. Execute any good market opportunities you saw in Market Monday
  2. Learn how to invest into crypto & sleep comfy 🔥
  3. Recognize why we need decentralized oracles
  4. Explore Olympus DAO 🔥
  5. Show us your favorite NFT

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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