Coinbase CEO Brian Armstrong shared his views on the enforcement actions of the US Commodity Futures Trading Commission (CFTC) against DeFi protocols.
stance on DeFi exchanges becomes clear from Enforcement Director Ian McGinley’s speech at a conference hosted by the Practising Law Institute. McGinley said:
The existence of unregulated DeFi exchanges is an obvious threat to the markets regulated and customers protected by the CFTC, and it is one we have taken very seriously. Armstrong argues that the CFTC does not have regulatory authority over Decentralized Finance protocols and that enforcement actions could push an important industry like DeFi offshore with its enforcement activities.Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
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