At the recent Crypto Task Force roundtable in the US, regulators showcased an unexpected level of openness regarding self-custody of assets and innovation spaces for DeFi.
Regulators' Openness and Self-Custody
Regulators believe it is important to recognize that self-custody is a legitimate form of ownership. They also noted that publishing smart contract code can be regarded as a form of protected speech.
Trends Towards Programmable Finance
Existing regulations are still based on concepts designed for a financial ecosystem with many intermediaries. However, the systems we are creating now look different, encouraging regulators to reconsider their assumptions.
Global Challenges and Opportunities
Regulatory fragmentation may pose a significant barrier to the DeFi ecosystem. Addressing this issue requires consensus on key principles, including the recognition of self-custody as a form of asset ownership.
The situation in the US opens new opportunities for developers and regulators worldwide. It is a time for collaboration and the establishment of agreed principles that foster the development of programmable finance.
