At an upcoming meeting of its tech committee, the US commodities regulator, the CFTC, plans to examine decentralized finance (Defi) in depth and has invited representatives from the crypto industry to participate.
The Technology Advisory Committee meeting on March 22 will feature a panel on “issues in decentralized finance,” the Commodities Futures Trading Commission (CFTC) said on March 1.
The committee will meet on March 22, 2023, from 12:00 p.m. to 4:30 p.m. (EDT) at the CFTC’s Washington, D.C., headquarters, according to the agenda released by commissioner Christy Goldsmith Romero, sponsor of the CFTC’s Technology Advisory Committee (TAC).
Join us 3/22 (webcast) to hear presentations from experts on Cybersecurity: The ION Markets Attack and Beyond, Exploring Decentralized Finance, and Responsible Artificial Intelligence https://t.co/iwQvR6fSv2
— Commissioner Christy Goldsmith Romero (@CFTCcgr) March 1, 2023
Decentralized Finance (DeFi) Becomes a Subject of Discussion
As noted by Christy Goldsmith Romero, the panel will debate complex concerns in the decentralized finance sector, such as cyber risks, indicators of “decentralization,” digital identity, and unhosted wallets.
“The committee has an opportunity to look past labels and examine the issues presented by DeFi thoughtfully and holistically.”
The meeting agenda includes a separate session that considers a subcommittee on cryptocurrency and blockchain technology in an effort to further solidify its campaign to obtain regulatory power over digital assets.
In addition, Dan Guido, the founder and CEO of Trail of Bits, and Michael Shaulov, the founder and CEO of Fireblocks, will talk about “Exploits and Continuing Vulnerabilities in Crypto Markets.”
The paper states that further panels will discuss financial sector cybersecurity issues, responsible artificial intelligence (AI) development, and possible dangers from AI.
She noted that, in light of the recent cybersecurity attacks on derivatives markets and the ongoing cyber danger to other sections of the US economy, the Commission will significantly benefit from the perspectives of senior cybersecurity experts at the Treasury Department and the National Institute of Standards and Technology.
These leaders will reportedly explain to the committee the lessons learned from recent attacks as well as the cornerstones of effective cybersecurity systems.
The CFTC has been pushing for regulatory control over the developing cryptocurrency industry from the Securities and Exchange Commission, and its commissioners have been asking Congress to give the agency jurisdiction over the market.
Although this is going on, the CFTC at least remains calm about its interference in the cryptocurrency market, in contrast to the SEC, which has continued to enforce through legislation despite harsh outcries from the crypto community.