DeFi Needs Regulatory Clarity & Freedom - SEC Commissioner.

DeFi Needs Regulatory Clarity & Freedom - SEC Commissioner.

2021-02-24 | Big Bob

DeFi Needs Regulatory Clarity & Freedom - SEC Commissioner.

United States SEC [Securities and Exchange Commission] Commissioner Hester Peirce recently reveals that the regulators need to provide “legal clarity and freedom to experiment” to permit DeFi [decentralized finance] to compete with the existing economic system. Within a recent interview with George Washington University Law School, at the "Regulating the Digital Economy" conference, Peirce described DeFi as "an excellent test" for regulators to manage in such how that it empowers investors and markets. Peirce made regards to "anti-Wall Street sentiment" evidenced in events like the GameStop trading frenzy, which, she added, have "inspired some to involve throwing the legacy economic system out entirely" and replace it with DeFi. Amid suspicions that financial markets aren't working for everybody, DeFi is "building an alternative to the legacy centralized financial system [CeFi]" with smart contracts replacing intermediaries, consistent with Peirce. Peirce concluded that DeFi would be a challenge for regulators but would also offer new tools to satisfy that challenge, adding that "The regulator's job is unchanged albeit the stage is about with more modern scenery."

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