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Home»ADOPTION NEWS»CFTC Advisory Committee Issues Recommendations Calling for Timely Focus on DeFi
ADOPTION NEWS

CFTC Advisory Committee Issues Recommendations Calling for Timely Focus on DeFi

By Crypto FlexsJanuary 8, 20243 Mins Read
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CFTC Advisory Committee Issues Recommendations Calling for Timely Focus on DeFi
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The Commodity Futures Trading Commission advisory committee voted Monday to submit a report to the committee urging governments and industry to understand decentralized finance and work to “advance responsible and compliant development.” .

The CFTC’s Technical Advisory Committee voted to make recommendations at its meeting, which some say is the first substantive report on DeFi from a government advisory committee.

CFTC Commissioner Christy Goldsmith Romero, who sponsors the committee, said the purpose of the report is to:“To help inform ongoing policy discussions in the U.S. Congress, state legislatures, and regulatory agencies, including the CFTC,” the commissioner said in a statement.

The report includes recommendations for policymakers, including increasing knowledge about DeFi, improving the “timeliness and efficiency of enforcement,” evaluating existing federal and state regulatory frameworks for DeFi, and finding where regulation needs to be expanded to address risks. became.

“Over the past few years, policymakers around the world have established regulatory frameworks for cryptocurrency assets, but there is no centralization with regulators seeking information from siled intermediaries in the same way that information flows from banks to regulators. The focus is almost entirely on the context of exchange. Today,” said Ari Redbord, Head of Legal and Government Affairs at TRM Labs. Redbord also serves as vice chair of the CFTC’s Technical Advisory Committee.

Government officials around the world have been studying how to regulate DeFi. Last December, the International Organization of Securities Commissions (IOC), which sets global standards for securities regulators, published nine reports. suggestion December covers open and cross-border cooperation. US lawmakers are preparing legislation to regulate other parts of the cryptocurrency industry, namely stablecoins, but DeFi has not been a major part of the discussion.

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Justin Slaughter, policy director at Paradigm and CFTC technical advisor, called the report a “t”.“This is the first major report on DeFi from a government advisory committee and arguably the most comprehensive review of DeFi by a U.S. government agency to date.”

Slaughter said that although the committee’s recommendations do not have legal force, the report is “an important step forward for DeFi policy decisions.”

“We spent our first effort examining the opportunities DeFi promises and the risks it may present,” Slaughter said. Write a post on X after the meeting. “Policymakers can consider this a first cut on the map as they navigate policy decisions on DeFi.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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