{"id":4652,"date":"2023-10-03T08:26:10","date_gmt":"2023-10-03T08:26:10","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=4652"},"modified":"2023-10-03T08:26:10","modified_gmt":"2023-10-03T08:26:10","slug":"cftc-chairman-says-defi-needs-to-be-regulated","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/cftc-chairman-says-defi-needs-to-be-regulated\/","title":{"rendered":"CFTC Chairman Says Defi Needs to Be Regulated"},"content":{"rendered":"

The Commodity Futures Trading Commission ( CFTC )<\/strong> Chairman Rostin Behnam<\/strong>, in a statement he made the other day, emphasized the need to regulate decentralized finance (Defi)<\/strong>, comparing the situation to dealing with “unlicensed doctors”.<\/p>\n

This statement Behnam made at the Futures Industry Association Fair in Chicago came after his announcement where he analyzed allegations towards the Defi protocols Opyn, ZeroEx, and Deridex<\/strong>.<\/p>\n

Behnam, <\/strong><\/p>\n

“We need to suggest this, be proactive and wait for the victims to suffer and scream for help to ensure that critical market surveillance, strong cybersecurity, and system protections and customer protections are available,” he said.<\/p>\n

“If you want kind of analogy, think about whether you would feel comfortable on the road if only a few people had to have a driver’s license, or if given the choice, would you trust your healthcare to an uneducated or unlicensed physician.”<\/p>\n

DeFi<\/strong> caught the attention of many people last month and some organizations were criticized by individuals for their sanction actions toward three DeFi protocols.<\/p>\n

Coinbase CEO<\/strong> Brian Armstrong last month asked to bring the cases of three people to court, adding that the agency should not create “sanction actions against decentralized (DeFi)<\/strong> protocols”.<\/p>\n

\n

You might like: The Future of Crypto Assets<\/strong><\/a><\/p><\/blockquote>\n

\n

CFTC’s Decentralized Finance Problem<\/h2>\n

CFTC’s<\/strong> Enforcement Director Ian McGinley<\/strong> described the unregulated decentralized finance exchanges as a “clear threat”<\/strong>.<\/p>\n

Ian McGinley<\/strong>, in a conference lecture last month; “The existence of unregulated DeFi exchanges is a clear threat to markets regulated by the CFTC<\/strong> and protected customers, and this is a threat that we take very seriously,” he said.<\/p>\n

\n

You can share your opinions in the comments about the topic. Also, follow us on\u00a0Telegram<\/strong><\/a>,\u00a0Twitter<\/strong><\/a>, and\u00a0YouTube<\/a><\/strong>\u00a0for more content like this.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Commodity Futures Trading Commission ( CFTC ) Chairman Rostin Behnam, in a statement he made the other day, emphasized the need to regulate decentralized finance (Defi), comparing the situation to dealing with “unlicensed doctors”. This statement Behnam made at the Futures Industry Association Fair in Chicago came after his announcement where he analyzed allegations<\/p>\n","protected":false},"author":2,"featured_media":4651,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[1281,1750,151,1756,837,93,1752,1755,1753,1751,1754],"class_list":["post-4652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-cftc","tag-cftc-chairman","tag-coinbase","tag-coinbase-ceo","tag-cryptocurrency-regulation","tag-defi","tag-defi-regulation","tag-deridex","tag-opyn","tag-regulation","tag-zeroex"],"yoast_head":"\nCFTC Chairman Says Defi Needs to Be Regulated - Coin Engineer<\/title>\n<meta name=\"description\" content=\"CFTC Chairman Rostin Behnam, in a statement he made the other day, emphasized the need to regulate decentralized finance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/cftc-chairman-says-defi-needs-to-be-regulated\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CFTC Chairman Says Defi Needs to Be Regulated - 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