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    Home » U.S. Regulator CFTC Invites Experts on DeFi Issues

    U.S. Regulator CFTC Invites Experts on DeFi Issues

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    By qaasim on March 2, 2023 News, Regulation News
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    The United States Commodities Futures Trading Commission (CFTC) announced on March 1 that it would hold a meeting of its Technology Advisory Committee on March 22 with the main discussion focusing on Decentralized Finance (DeFi).

    Today @CFTCcgr, sponsor of the CFTC Technology Advisory Committee (TAC), released an agenda for the TAC inaugural meeting on March 22. Learn more: https://t.co/NSEOUjHz7K

    — CFTC (@CFTC) March 1, 2023

    It was reported that experts on cybersecurity, and more specifically crypto industry executives will also be invited for presentation and contribution to the subject matter. 

    CFTC commissioner Christy Goldsmith Romero remarked that the panel is saddled with the responsibility of reviewing past labels and present emerging issues around DeFi in a thoughtful and holistic manner. 

    According to her:

    “A discussion about DeFi, including cyber vulnerabilities, indicators of decentralization, digital identity and unhosted wallets, will contribute to ongoing policy discussions in Washington, D.C. and beyond the beltway.”

    Some of the invited executives from crypto companies include crypto custody platform Fireblocks, security company Trail of Bits, venture capital firm Terranet Ventures, Metrika, among others. 

    btc

    According to the CFTC update, there will also be some subcommittee on crypto and blockchain technology targeted at ensuring that CFTC acquires regulatory jurisdiction on cryptocurrency. 

    Recall that the CFTC Chairman Rostin Behnam earlier argued that the CFTC is the ideal agency with the power to regulate shortfalls and inconsistency in the crypto space.

    Addressing Decentralized Finance (DeFi) Shortfalls

    More than any other time in history, Decentralized Finance (DeFi) has become the centre of attraction and attack with 47.7% losses recorded in 2022 due to massive attacks. 

    Unfortunately, more than $1.40 billion funds stolen from DeFi were carted away through Tornado Cash throughout last year. 

    It appears there is no attempt to stem the tide as several DeFi projects have been attacked. On Feb. 16, DeFi protocol Platypus was attacked by hackers, leading to the loss of $9.1 million. 

    While the regulatory measures that the CFTC will initiate are yet to be defined, it is suggested that more efforts are intensified accordingly. 

    CFTC DeFi DeFi hacks Featured
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    Salaam Rasak entered the crypto space while completing his Masters degree and has continued to dig deep into Web3 space since then, writing articles related to Web3 and blockchain. He started working with Blockchain Journal in September 2022.

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