CFTC Urges Policymakers to Identify Individuals Involved in Decentralized Finance Amid Money Laundering and Terrorism Financing Concerns
The Commodity Futures Trading Commission (CFTC) is urging policymakers to find ways to identify individuals involved in decentralized finance (DeFi) due to concerns over money laundering, terrorism financing, and fraud. The CFTC report suggests prioritizing digital identity, know your customer (KYC), and anti-money laundering (AML) regimes, as well as calibrating privacy in DeFi. Regulators are struggling to regulate DeFi due to the widespread use of pseudonyms to hide users' identities and the decentralized nature of the industry. The lack of clear lines of responsibility and accountability in DeFi systems is also a central concern for regulators.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SOL and Meme Coins Are Booming Again
Leading Crypto Presale: Nexchain’s Stage 11 Hits $1.5M with $NEX at $0.042
You can participate in the ongoing Nexchain's presale and gain exposure to one of the leading AI crypto projects before the major exchanges.
Ethereum’s “Trillion Dollar Security” Boosts Onchain Safety
Ethereum Foundation unveils "Trillion Dollar Security" to enhance wallet, UX, and smart contract security.A Step Toward Mass Adoption
Tokenized U.S. Equities: Breakthrough or Just Hype?
Are tokenized U.S. equities the future or just noise? Explore their roots, market trends, and regulatory roadblocks.Where It All Began: From STOs to Tokenized StocksRegulatory Hurdles and the Real-World GapSymbolic Progress, Real Potential
Trending news
MoreCrypto prices
More
