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Devil's advocate for a moment... the definition of a broker is "a person who buys and sells goods or assets for others," or it can mean to "arrange or negotiate" a deal or plan.

How is a miner not a broker then? They accept transactions and then place them on a blockchain by performing some kind of work. Sure, at the moment few if any cryptos are definitely securities, but what is going to happen when a company creates (for example) a wrapped SP500 token? A "traditional" broker can't just trust anyone to record a transaction, there is a lot of regulation.

Will there be a class of tokens that can only be mined by people who can do KYC on them? Why is a miner exempt from caring about what transactions they accept?



Miners never have custodial control of the funds in those transactions.

They are much more like auditors or accountants than brokers.


Custodial control is an oxymoron.

They are facilitating a transaction. They can choose to accept or reject a transaction. In this capacity, they are most similar to a broker-dealer.


I see what you're saying, but a single miner can't reject a transaction, they can really only delay it.




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