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What’s New in the CFTC’s DeFi Report Is Welcome, and What’s Unwelcome Is Not New
For years, US regulators’ approach to crypto has been, frankly, unhinged. The Securities and Exchange Commission (SEC), for example, has treated regulating crypto as beneath the agency’s dignity—effectively imposing de facto bans on US crypto activity by refusing to tailor old rules to new tools. Indeed, pushing crypto out of the US may even have been seen as a benefit. Against this backdrop, a recent report on decentralized finance (DeFi) by the Commodity Futures Trading Commission’s (CFTC) Technology Advisory Committee (TAC) was refreshingly sane. That the report proposes undertaking normal regulatory ... (full story)