US Commodities Regulator Shouldn’t Launch Enforcement Actions Against DeFi Protocols, Says Coinbase CEO - The Daily Hodl
Coinbase CEO Brian Armstrong says the U.S. Commodity Futures Trading Commission (CFTC) shouldn't be issuing warnings against decentralized finance (DeFi) protocols....
- Coinbase CEO Brian Armstrong disagrees with the U.S. Commodity Futures Trading Commission (CFTC) issuing warnings against decentralized finance (DeFi) protocols.
- The CFTC recently charged DeFi protocols ZeroEx, Opyn, and Deridex for offering illegal derivatives trading and ordered them to pay penalties and cease violating regulations.
- Armstrong argues that DeFi projects are not financial services businesses and believes the Commodity Exchange Act may not apply to them.
- He hopes these cases go to court to establish a precedent and prevent the industry from moving offshore.
- CFTC commissioner Summer Mersinger dissents, stating that the enforcement actions are not justified since there is no evidence of misappropriated funds or victimized market participants.
The sentiment of the article is mixed. Brian Armstrong expresses disagreement with the CFTC's actions, hoping for court precedent and criticizing the potential offshore movement. Summer Mersinger dissents, arguing that the enforcement actions are unjustified.