Decentralized finance (DeFi) will be the first topic discussed at the opening meeting of the Commodity Futures Trading Commission’s Technology Advisory Committee on March 22, further cementing the cryptocurrency sector as a priority for the U.S. derivatives regulator.
“A discussion about DeFi, including cyber vulnerabilities, indicators of ‘decentralization,’ digital identity and unhosted wallets, will contribute to ongoing policy discussions in Washington, D.C., and beyond the Beltway,” said Commissioner Christy Goldsmith Romero, the CFTC sponsor for the new incarnation of this advisory group, in a statement.
The CFTC has been devoting increasing attention to the crypto sector, especially as the agency seeks novel powers to oversee the non-securities crypto spot market.
Another of the CFTC’s advisory committees, the Global Markets Advisory Committee overseen by Commissioner Caroline Pham, met on Feb. 13 to discuss digital assets issues during its initial meeting. She argued that crypto is “truly borderless,” and policymakers “need to understand what is happening at the international level.”
Though the potential damage, estimated at $170 million based on token prices during the breach, loomed, the Fantom Foundation noted the hacker's challenge in realising such value due to limited market liquidity for the FTM token.
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Hui Xin