Dan Berkovitz, the commissioner of the U.S. Commodity Futures Trading Commission (CTFC), has come out against derivatives markets in DeFi.
The term DeFi is shorthand for decentralized finance, a collection of crypto-based services and products that mirror many of those on offer in traditional finance, albeit with far fewer intermediaries.
“Not only do I think that unlicensed DeFi markets for derivative instruments are a bad idea, I also do not see how they are legal under the Commodity Exchange Act (CEA),” Berkovitz said at a keynote address delivered yesterday.
The CEA governs the trading of commodity futures in the United States.
El Salvador Approves the ‘Bitcoin Law’ Giving BTC Status as Legal Tender
The CTFC commissioner came down hard on what he saw as a lack of protections within the DeFi space compared to the broader U.S. financial system, which he described as having the “most effective and efficient capital formation and risk management markets in the world.”
B
Źródło: https://decrypt.co/73131/defi-markets-derivatives-are-bad-idea-cftc-commissioner
