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02 March 2021

DeFi Needs 'Freedom to Experiment', Says SEC's Hester Peirce - Decrypt

DeFi Needs 'Freedom to Experiment', Says SEC's Hester Peirce - Decrypt

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Peirce, affectionately known as “Crypto Mom” among industry observers,told law students at George Washington Universityin a speech on Monday that decentralized finance (that’s DeFi, for short) faces unique regulatory challenges that need to be addressed in order for it to fulfill its promise of “democratization, open access, transparency, predictability, and systemic resilience.”.

“We regulators, mindful of the potential upsides and downsides, need to provide both legal clarity and the freedom to experiment so that DeFi can compete with CeFi to offer investors financial services,” she said.

And, according to Peirce, DeFi “will provide a very good test for our ability to regulate with an eye toward protecting the interests of investors and markets, not incumbents...We tend to look at technological innovation in the markets with deep suspicion, and that mindset has to change.”.

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