The Commodity Futures Trading Commission’s Technology Advisory Committee advanced a report calling on the government to address risks posed by decentralized finance.
Agency panel advances report seeking DeFi framework
January 09, 2024 / By ICBA
The Commodity Futures Trading Commission’s Technology Advisory Committee advanced a report calling on the government to address risks posed by decentralized finance.
The Commodity Futures Trading Commission’s Technology Advisory Committee advanced a report calling on the government to address risks posed by decentralized finance.
Details: Developed by the agency’s Subcommittee on Digital Assets and Blockchain Technology, the report cites risks posed by DeFi to investors, consumers, and market integrity. It calls on government officials to allocate responsibility for regulatory compliance amid decentralized governance, map out counterparty exposures and key service providers, and mitigate DeFi’s unique threats.
Global Recommendations: The International Organization of Securities Commissions last month finalized ICBA-supported recommendations calling for more consistent regulatory frameworks and oversight of DeFi across its member jurisdictions. In a comment letter in October, ICBA said IOSCO’s recommendations will help identify and manage key risks, ensure clear and comprehensive disclosures, and foster cross-border cooperation.
More: Recent Main Street Matters posts from ICBA Senior Vice President of Digital Assets and Innovation Policy Brian Laverdure cover recent crypto collapses, the evolving regulatory environment for digital assets, and the policy debate over treating cryptoassets as securities or commodities.
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