Crypto-based ‘shadow financial market’ spooks regulators

Politico (USA) | Jul 24, 2021 at 9:00 AM
  • New financial services built on cryptocurrency are offering consumers the ability to borrow and trade billions of dollars without the oversight of bankers or their regulators.
  • Regulators across the country are now working to get their arms around DeFi, including the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Reserve and the Office of the Comptroller of the Currency.
  • Watchdogs are warning that some DeFi activities are probably illegal under federal law and pose serious danger to consumers.