CFTC Technology Committee discussed DeFi during a meeting in Washington.

CFTC Technology Committee discussed DeFi during a meeting in Washington.

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Crypto executives briefed the regulator on key issues affecting the space, including Cybersecurity, Decentralized Finance (DeFi), and Artificial Intelligence (AI).

As part of a scheduled first meeting of the CFTC’s Technology Advisory Committee (TAC) in Washington D.C., members from the crypto space gave presentations to the regular intending to cover critical issues currently impacting DeFi.

CFTC commissioner Christy Goldsmith Romero opened the meeting with prepared remarks, saying “understanding how DeFi works” is “important” as “policy decisions related to DeFi are currently being made by regulators and lawmakers.” 

Redbord and the founder of analytics firm Metrika, Nikos Andrikogiannopoulos, jointly outlined the benefits and issues currently facing decentralization, concluding that the benefits “far outweigh” the challenges, which they believe will “self-resolve.”

Redbord highlighted the total value that entered DeFi in the last two years, saying it was “stress tested during FTX […] and did not fail. DeFi is absolutely here to stay.”

Throughout 2022, the top 10 exploits in crypto alone saw over $2 billion lost, with DeFi on the receiving end of 113 exploits out of the 167 carried out across the year.

The DeFi portion of the meeting ended with members unanimously voting for creating a Digital Assets and Blockchain Technology Subcommittee.

Compiled by Coinbold

AI, blockchain, FTX, hack