Tag: DeFi

U.S. SEC Poised to Move Toward DeFi Oversight As It Reopens Proposed Regulations

“The cryptocurrency industry is rapidly expanding with some industry lobbyists insisting that their offerings and platforms fall outside the securities laws and regulations,” Better Markets, a Washington-based group advocating for tougher protections in the financial system, wrote in a comment letter last year. “But clearly, the commission must apply securities regulation equally to all securities regardless of how novel, ‘innovative,’ popular, or profitable such offerings may be.” Source

DeFi Protocol Balancer Experiences Budget Cuts, Headcount Slashes Ahead of Strategy Pivot

Balancer’s OpCo, which manages the protocol’s front end, has laid off two engineers and reduced its operating budget, the providers’ team revealed during the Discord call attended by more than 20 people. The headcount reduction comes as the protocol turns its focus toward improving its user interface and marketing. To that end, the platform’s service provider, Orb Collective, which directs the protocol’s design, marketing and regulatory strategies, will build out a specialized marketing team that can discuss the mechanics of how Balancer works with the platform’s users. The new outreach…

DeFi Exchange Uniswap Launches Uniswap Mobile Wallet

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The Uniswap mobile wallet will allow users to buy cryptocurrencies for fees as low as 2.55%, nearly half what some competing DeFi protocols charge, Uniswap said in the release. Users can also swap funds on popular DeFi platforms, including Polygon, Arbitrum and Optimism. The wallet features in-app token price and NFT data, allowing users to favorite tokens and wallet addresses so they can track the trading activity that matters most to them. Source

DeFi Protocol Yearn Finance Impacted in Nearly $11M Exploit That Occurred Via Aave Version 1

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Hong Kong SFC Official Says DeFi Projects Could Face Regulatory Requirements

In February, SFC published a new set of rules for digital asset trading platforms. Decentralized Finance projects should be subjected to licensing requirements, according to a Hong Kong regulator. Keith Choy, who is the interim head of intermediaries at Hong Kong’s Securities and Futures Commission (SFC), asserted that as long as DeFi activities feature within the scope of the Securities and Futures Ordinance (SFO), it will have to be compliant with the same regulatory requirements as a conventional financial exercise. In an address at the Web3 Festival in Hong Kong,…

French Central Bank Puts Its Suggestions for DeFi Regulation

The French central bank seeks to address the regulations for DeFi and stablecoins which go unattended in the pan-European MiCA regulations. On Thursday, April 11, the French Economy Ministry and the Banque de France published a consultation published two consultation papers individually to discuss European crypto asset regulation as well as the developments in the Metaverse. The French central bank shared its closed examination of decentralized finance (DeFi) along with its approach to regulation. Also, the discussion comes at a time when there’s a growing use of tokenization in finance…

World Regulators Are Looking at DeFi

Decentralized finance (DeFi) is entering regulators’ crosshairs, but they don’t seem to be intent on taking it out – yet anyway. Instead a pair of reports from U.S. and French authorities seem more focused on understanding what sort of risks DeFi might pose to both users and the broader financial world, and whether there are ways to mitigate these risks while still allowing their operation. Source