🌋 Polygon Labs Proposes DeFi as Critical U.S. Infrastructure
postedΒ 30 Jan 2024
The legal team at Polygon Labs is advocating for DeFi to be classified as critical infrastructure in the United States, warranting oversight by the Department of the Treasury's Office of Cybersecurity and Critical Infrastructure Protection (OCCIP).
Their recently released document offers an overview of U.S. financial integrity laws and discusses how these laws are implemented by intermediaries. It clarifies the true nature of DeFi, differentiating it from common misconceptions, and outlines the potential risks involved.
Furthermore, the proposal aims to strike a crucial balance between curbing illegal activities in the DeFi space and expanding the opportunities for its positive uses.
It's noteworthy that last year, the U.S. Securities and Exchange Commission, in a legal action against Binance and Coinbase, categorized MATIC (the native token of Polygon) and several other cryptocurrencies as securities.
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