SEC Commissioner Hester Peirce Says Regulating DeFi Not Practical, Presents Many Challenges to Regulators

SEC Commissioner Hester Peirce Says Regulating DeFi Not Practical, Presents Many Challenges to Regulators


A high-ranking pro-Bitcoin (BTC) official from the U.S. Securities and Exchange Commission (SEC) says regulating decentralized finance (DeFi) is “impractical.”

In a new speech at a Duke University Digital Assets Conference, Commissioner Hester Peirce says that the way DeFi is designed presents lawmakers with many challenges.

“DeFi admittedly presents challenges to us regulators who are used to regulating companies, which are easy to cajole, monitor, and sue. Regulating people who write code is more difficult from a practical and legal perspective, including because it would impinge on free speech and would raise fairness issues since open-source coders cannot exercise control over how their code is used.

Trending: How America’s FBI Is Starting to Look An Awful Lot Like the KGB

Regulating individual DeFi users would be impractical. Requiring the front ends of DeFi protocols — essentially interfaces allowing

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend