The DeFi market for decentralized finance is expanding rapidly.
Therefore, it must be introduced into the legal field, said Esther Pierce, Commissioner of the SEC (US Securities and Exchange Commission). She is often called the “cryptomama” as she periodically advocates for the early legalization of the cryptocurrency industry.
The introduction of decentralized finance into the legal framework will create an environment in which DeFi projects can compete with the banking system. Esther Pierce made a statement at a conference organized at the George Washington University earlier this week.
In her opinion, the DeFi market has huge potential. It is necessary to give all interested investors access to tools within this ecosystem. However, this cannot be done, since it is outside the legal framework.
The DeFi market will be one of the elements of a new financial system that will replace the outdated Wall Street. In such a market, smart contracts will replace intermediaries, which will reduce transaction costs, the “cryptomama” emphasized.
The value of funds locked in the DeFi ecosystem has been declining over the past few years. According to DeFiPulse.com, the capitalization of such digital assets is now about $ 38 billion.
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