The Financial Crimes Enforcement Network (FinCEN), a subordinate of the US Treasury Department, is among the institutions working on crypto regulation following President Joe Biden’s executive order on digital assets served at the beginning of the year. While other institutions deal with the general crypto industry, FinCEN’s main agenda is DeFi platforms.
FinCEN director Himamauli Das talked about the DeFi industry in his speech on Tuesday. Das, DeFi platforms “reducing the role of intermediaries or destroying the industry” highlighted its potential. The manager also explained that DeFi sites are at a critical point in the fight against money laundering.
DeFi Destroys the Status Quo
Elimination of intermediaries in buying and selling transactions DeFi and crypto- main argument of its proponents. Crypto lovers believe that this eliminates counterparty risks. ancan FinCENdoes not favor decentralized solutions, as brokerage houses are subject to the status quo.
Himamauli Das stated that they collaborated with bankers to analyze this issue in detail:
“We are in constant contact with government officials in our regulatory work. We are collaborating extensively with banks to better understand the risks and vulnerabilities.”
FinCEN executive reiterated that regulatory work will continue rapidly in the new year.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!