The US Commodity Futures Trading Commission (CFTC) evaluated its regulations together with crypto money experts at the meeting held on March 22. DeFi altcoins were the focus of the meeting.
CFTC and crypto experts hold meeting for these altcoins
At the meeting, which took place on March 22, involving the CFTC, the Technical Advisory Committee (TAC), and experts in the cryptocurrency industry, information about DeFi was exchanged. During the meeting, crypto experts briefed the committee on key issues affecting the DeFi market, including decentralization, cyber attacks, and digital identity.
Christy Goldsmith Romero, member of the CFTC who sponsored the committee, explained the purpose of the meeting as, “As regulators and legislators are currently making policy decisions regarding DeFi, it is important to understand how DeFi works.”
What was discussed at the meeting?
Ari Redbord, head of legal and political affairs at Blockchain analytics firm TRM Labs, offered an overview of DeFi and Blockchain technology. Redbord highlighted the strengths of blockchain technology such as transparency, immutability, and privacy, saying that “the technology allows authorities to balance the right to privacy with the need for security.”
Nikos Andrikogiannopoulos, founder of analytics firm Metrika, also spoke about the benefits of decentralization and the challenges facing the industry. He stressed that “the benefits of DeFi far outweigh the problems and the problems are self-solvable,” he added, adding that “it is important not only to embrace decentralization, but to steer it in the right direction.”
During the meeting, officials also discussed the key asset values that have flowed into DeFi over the past two years. According to DeFirama, the total value of the DeFi market is $49.1 billion, an increase of $15 billion since the beginning of 2021. As of March 24, the following DeFi coins are leading the DeFi altcoin industry.
Hack attacks and vulnerabilities on DeFi altcoins were discussed at the meeting
Michael Shaulov, founder of Fireblocks, and Dan Guido, founder of Trail of Bits, talked about the top 10 hacking events in the cryptocurrency industry in 2022, resulting in losses of over $2 billion, and 113 of 167 hacks occurred in DeFi.
“All hacks are extraordinarily public, and it is often your users and other outside firms that learn about them before you do,” Guido said, adding that this creates a “need for excellence” in crypto companies. cryptocoin.com In this article, we have included recent DeFi hacking events.
As a result of the meeting, the CFTC Technical Advisory Committee unanimously decided to establish the Cryptocurrency and Blockchain Technology Subcommittee, which will focus on recommendations for DeFi’s need, issues, use cases, vulnerabilities, and legal and policy frameworks.
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