For crypto, I think it has to be "code as law". Otherwise, what is the point. People will be better off depositing their funds in a brokerage and trading that

For crypto, I think it has to be "code as law". Otherwise, what is the point. People will be better off depositing their funds in a brokerage and trading that way. Trading and settlement have to be merged to get the benefits from the crypto approact to money. I think the next step for smart contracts is to port risk engines (for leveraged trading) and treasury risk management into smart contracts. But I think there is little overlap between people who write risk engines (almost never open source) and people who write smart contracts with slick UIs, so I don't see this happening. I think SBF (see https://twitter.com/SBF_FTX/status/1580170203664904195?s=20&t=_G6ox4t9X_JYEX56EfYYew https://twitter.com/SBF_FTX/status/1580170203664904195?s=20&...) of FTX, who knows how leveraged trading works, explained what risk controls FTX implements. A simple risk control would be to have a single transaction rate limited in funds it can suck out of an account.