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DeFi — the ‘Wild West’ of crypto — is next on regulators’ hit list
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cnbc.comThe fast-growing decentralized finance industry could be about to get a rude awakening.
Decentralized finance, or "DeFi" as it's commonly referred to, is a trend in cryptocurrencies that first started gaining traction in 2020.
It's been called the "Wild West" of crypto — hoards of computer programmers trying to bring traditional financial products such as loans to the blockchain.
The idea sounds promising. In theory, anyone could lend and borrow digital money at competitive interest rates, with no middle men involved. Investors are lured by the promise of earning up to double-digit percentage yields on savings in certain digital tokens.
But with major hacks and scams plaguing the space this year, regulators are becoming increasingly worried
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