DeFi needs appropriate regulation before moving to retail, says Fed Chair: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.
United States Federal Reserve chairman Jerome Powell has given his verdict on the evolution of the DeFi market, claiming there is a definite need for robust regulation before the nascent market could expand to retail.
Maple Finance CEO believes that separating the risk from lending saved DeFi from the market crash. He added that crypto lending has operated as intended through the crypto winter because of the transparency.
Members of the Ooki DAO are discussing various ways to respond to the recent lawsuit filed by the Commodity Futures Trading Commission. Another interesting turn of events from the DeFi ecosystem saw a Maximal Extractable Value (MEV) bot gain massive profits worth $1 million by seizing an arbitrage opportunity. However, it was tricked into authorizing a malicious transaction that drained the funds.
Top 100 DeFi tokens by market cap have a mixed week in terms of price action, where an almost equal number of tokens were trading in green and red on the weekly charts.
United States Federal Reserve chairman Jerome Powell has spoken out about the expansion of DeFi and its impact on the traditional finance ecosystem, calling for appropriate regulation.
During an event titled the “Opportunities and challenges of the tokenization of finance” hosted by the Banque de France on Tuesday, Jerome Powell said there were “very significant structural issues around the lack of transparency” in the DeFi ecosystem.
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In a Twitter thread, Robert Miller, who works at the research firm Flashbots, shared how an MEV bot with the prefix 0xbadc0de
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