Odaily Planet Daily News Coinbase CEO Brian Armstrong posted on the X platform that the U.S. Commodity Futures Trading Commission (CFTC) should not implement enforcement actions against DeFi protocols. DeFi protocols are not financial services businesses, and the Commodity Exchange Act is unlikely to apply to them.
Armstrong said he hopes these DeFi protocols will take the CFTC to court and set a precedent. The courts have proven to be more than willing to uphold the rule of law. The only result of the CFTC's actions is to push an important industry overseas.
According to previous news, the US CFTC announced recent enforcement actions in the DeFi field and filed charges against three companies: Opyn, ZeroEx and Deridex.
The CFTC requires Opyn, ZeroEx and Deridex to pay civil penalties of US$250,000, US$200,000 and US$100,000 respectively and cease violations. Under the settlement, the three companies agreed to pay civil penalties to avoid further legal action.