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22 June 2021

DeFi Derivatives "Are a Bad Idea": CFTC Commissioner | Crypto Briefing

DeFi Derivatives "Are a Bad Idea": CFTC Commissioner | Crypto Briefing


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Dan Berkovitz, Commissioner of the Commodity Futures Trading Commission, warned against the risks of DeFi at a keynote yesterday.

Dan Berkovitz, Commissioner of the Commodity Futures Trading Commission, is taking a hard stance against DeFi.

Berkovitz’s speech highlighted that DeFi-based derivatives may violate regulations set by the Commodity Exchange Act (CEA), a U.S.-based law that governs the registration of such trading products.

In particular, Berkovitz expressed worries about unlicensed derivatives trading using DeFi protocols that he believed may be considered illegal under the Commodity Exchange Act (CEA).Such unregistered derivatives include products like decentralized options and futures, synthetics, indexes, and others.

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