The CFTC chair honed in on the need to oversee DeFi on Monday about a month after the agency settled charges against three protocols.
Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank ChaparroChair Rostin Behnam honed in on the need to oversee the decentralized finance space.Learn more about Access Protocol
Commodity Futures Trading Commission Chair Rostin Behnam honed in on the need to oversee decentralized finance in a speech on Monday, comparing the situation to “unlicensed physicians.”To suggest that … we must wait until victims suffer and cry out for help to be proactive and ensure that critical market oversight, robust cybersecurity and system safeguards, and customer protections are in place undermines our mission and purpose,” Behnam said.
DeFi has come into the spotlight at the derivatives agency over the past month, with some criticizing its enforcement actions against the three DeFi protocols. Coinbase CEO Brian ArmstrongMeanwhile, the CFTC’s Enforcement Director Ian McGinley has called unregulated DeFi exchanges “an obvious threat.”
"The existence of unregulated DeFi exchanges is an obvious threat to the markets regulated and customers protected by the CFTC, and it is one we have taken very seriously," the CFTC’s Enforcement Director Ian McGinley said in a© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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