What is the SEC's comment on the DeFi craze?
As the DeFi market continues to be hot, some US SEC commissioners have been interviewed and expressed their views on decentralized finance (DeFi).
So far the DeFi craze hasn't caused much of a stir on Capitol Hill.But the SEC has taken an interest in DeFi, SEC commissioner Hester Peirce& NBSP; DEFI regulation won't be a top priority this week, but she and other SEC members are keeping a close eye on the burgeoning DEFI and the looming regulatory challenges it could pose in 2020, she said in an interview.
Among other commissioners, Peirce has long had a unique interest in cryptographic ecosystems and the broader impact of digital assets. In her speeches and regulatory proposals, she has consistently expressed a desire to protect innovation without letting it get out of hand and hurt investors.
DeFi takes this balancing act to new heights, she says. She has learned how many digital asset projects work, but admits that DeFi education has a long way to go."I think some of DeFi's activities will help me try to define more what decentralisation means," says Peirce. To her, these projects appear to be trying to do something different from many of the projects that emerged during the 2017 IC0 craze. Specifically, the DeFi revolution seems to have a broader agenda than IC0.
「在 IC0 上，人们正在思考，'我能建立一个网络吗？' 例如，以电报（Telegram）为例，目标是建立一个网络并建立一种可以在该网络中有效工作的货币。而且我认为 DeFi 试图做的事情不那么容易分类，」 皮尔斯说到 。
Regulators have been looking at the DeFi area and are aware of the recent growth, but with so many unprecedented events occurring in one year, the new DeFi project boom is not the most noticeable. "This [DeFi's rise] is a big thing, but it is still relative," she says. "So if it becomes bigger and more influential, then I think you'll see more regulatory attention, but that's not to say there isn't any regulation looking at DeFi right now."
In July, DeFi locked up more than $2 billion in total value and a market capitalization of more than $7 billion, but that's still a fraction of the traditional market.
Pierce said the DeFi team and its advocates have not yet sought formal guidance from the agency. She received more questions about the regulatory role of a decentralized trading platform (DEX). Aside from the type of lawyers who occasionally express interest in DeFi's specific regulations on Twitter, few in the industry have approached the SEC.
However, she believes these conversations with regulation will eventually take place and she welcomes the process as DeFi could challenge the US view of financial regulation.
While digital assets have posed unique challenges for regulators, DeFi is another branch with its own nuances. This presents a unique challenge: Who is responsible? When the goal is to build networks that rely on smart contracts, rather than people managing them, then if something goes wrong, the networks can attribute the error to the contract rather than the manager.
"It's going to challenge the way we regulate. It makes us ask, what do we think is the role of the regulator in DeFi?" Pierce said.
It is unclear whether existing regulatory proposals can be resolved. In February, for example, Peirce proposed a regulatory haven for scrip projects. The proposal is currently open for public comment.While this policy will provide time for the blockchain network to become truly decentralized, it is unclear whether this policy can be seamlessly applied to DeFi governance tokens.
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