DeFi Is Like Nothing Regulators Have Seen Before. How Should They Tackle It?

DeFi Is Like Nothing Regulators Have Seen Before. How Should They Tackle It?
The cryptocurrency industry is going through a period of intense growing pains. Like a lanky tween, it is running faster and jumping higher than ever before, thanks to major milestones such as bitcoin adoption in El Salvador, a continuing surge in non-fungible token (NFT) interest and ever more involvement from established players like Visa.But, again like an ambitious adolescent, the newly empowered crypto sector is also bumping awkwardly into the constraints imposed by society. Gary Gensler’s Securities and Exchange Commission seems determined to be crypto’s strict disciplinarian, laying down the law about curfews, hemlines and exchange-traded funds. For nearly a…