Regulators Need To Get Ready For DeFi, Ex-CFTC Chief Says

By Elise Hansen (July 28, 2022, 6:54 PM EDT) — Regulators should shift their attention to financial activity, rather than financial intermediaries, if they’re to keep up with a longer-term shift toward decentralized finance, former U.S. Commodity Futures Trading Commission Chairman Chris Giancarlo said in remarks Thursday.

Giancarlo and current CFTC member Caroline Pham said decentralized finance’s emphasis on removing intermediaries from financial products and services could pose a challenge to the traditional regulatory approach of licensing and overseeing key market players. Giancarlo and Pham made the remarks at DACOM, a digital asset-focused conference in New York.

Regulators are “highly dependent on intermediated markets” in their approach to oversight and enforcement,…

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