Coinbase CEO champions DeFi, calls for court action to set legal precedent By Cointelegraph
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Coinbase (NASDAQ:) CEO Brian Armstrong has expressed his endorsement of decentralized finance (DeFi) protocols. In a recent social media post, Armstrong urged DeFi protocols to consider legal proceedings in court to set a precedent, as the legal system has consistently demonstrated its dedication to upholding the rule of law. The current approach is mainly pushing a crucial industry toward overseas jurisdictions, he said.
According to his post on X (formerly Twitter), the United States Commodities and Futures Trading Commission should avoid taking enforcement actions against DeFi protocols, as they do not function as conventional financial service businesses, and it’s questionable whether the Commodity Exchange Act is even applicable to them.
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Coinbase (NASDAQ:) CEO Brian Armstrong has expressed his endorsement of decentralized finance (DeFi) protocols. In a recent social media post, Armstrong urged DeFi protocols to consider legal proceedings in court to set a precedent, as the legal system has consistently demonstrated its dedication to upholding the rule of law. The current approach is mainly pushing a crucial industry toward overseas jurisdictions, he said.
According to his post on X (formerly Twitter), the United States Commodities and Futures Trading Commission should avoid taking enforcement actions against DeFi protocols, as they do not function as conventional financial service businesses, and it’s questionable whether the Commodity Exchange Act is even applicable to them.
Continue Reading on Coin Telegraph
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