CFTC Commissioner Raises Concerns Over Enforcement Actions on DeFi Protocols and Calls for Public Engagement
Summary:
CFTC Commissioner expresses concerns over enforcement actions on DeFi protocols and calls for greater engagement with the public. Meanwhile, the CFTC takes regulatory action against Opyn, ZeroEx, and Deridex for failing to register derivatives trading offerings.
The Commodity Futures Trading Commission (CFTC) Commissioner, Summer K. Mersinger, expressed concern over the CFTC's focus on enforcement actions rather than engaging with the public in relation to decentralized finance (DeFi) protocols. Mersinger believes that enforcement actions are not the most effective approach and suggests that the CFTC should prioritize engaging with the public and stakeholders through rulemaking and other regulatory tools. He emphasizes the need for clear rules and regulatory jurisdiction over DeFi protocols. Despite these concerns, the CFTC's regulatory agenda does not currently address DeFi-related rulemaking activities. In a separate announcement, the CFTC revealed that it is taking regulatory action against three decentralized finance protocols, namely Opyn Inc., ZeroEx Inc., and Deridex Inc., for allegedly failing to register their derivatives trading offerings. Deridex and Opyn are also accused of non-compliance with customer provisions outlined in the Bank Secrecy Act.
Published At
9/8/2023 11:08:44 AM
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