BoE Policy Discussion: DeFi Better Implement Good Governance Before It's Too Late

An external member of the BoE Policy Committee reviews DeFi governance and regulation and lists steps the industry should take before the regulated blockchain only swallows business.< /p> New
The lack of regulation and good governance in the crypto sector is more than a barrier for businesses and a lack of protection for users, it's an existential threat, said External Fellow Carolyn Wilkins. Bank of England Financial Policy Committee at a conference in October. 19. Decentralized finance (DeFi) would be a good place to start getting things in order, she said.

Speaking at the University College London Center for Blockchain Technologies, Wilkins said the most common complaints about scams reaching the Financial Conduct Authority, Britain's financial regulator, relate to crypto. In addition to this financial risk, investors are also concerned about reputational risk, which Wilkins says is present in abundance in DeFi.

Today UCL CBT hosted the talk given by Carolyn Wilkins @wilkinscarolyna on '#governance of "#decentralized" Finance: Get up, Stand up!'. For more information visit https://t.co/G5ie2who1y pic.twitter.com/b9colxbUdx
— UCL CBT (@uclcbt) October 19, 2022
Wilkins saw the concentration of power in the “whales” in DeFi as a source of risk. In the top ten proof-of-stake platforms by market capitalization, the top 50 validators hold between 47% and 100% of the stakes, she observed. At the same time, there is a lack of transparency when it comes to accountability. This tension is seen in the O...

Crypto Oct 20, 2022 0 46 Add to Reading List

BoE Policy Discussion: DeFi Better Implement Good Governance Before It's Too Late

An external member of the BoE Policy Committee reviews DeFi governance and regulation and lists steps the industry should take before the regulated blockchain only swallows business.< /p> BoE policy talk: DeFi had better implement good governance before it's too late New

The lack of regulation and good governance in the crypto sector is more than a barrier for businesses and a lack of protection for users, it's an existential threat, said External Fellow Carolyn Wilkins. Bank of England Financial Policy Committee at a conference in October. 19. Decentralized finance (DeFi) would be a good place to start getting things in order, she said.

Speaking at the University College London Center for Blockchain Technologies, Wilkins said the most common complaints about scams reaching the Financial Conduct Authority, Britain's financial regulator, relate to crypto. In addition to this financial risk, investors are also concerned about reputational risk, which Wilkins says is present in abundance in DeFi.

Today UCL CBT hosted the talk given by Carolyn Wilkins @wilkinscarolyna on '#governance of "#decentralized" Finance: Get up, Stand up!'. For more information visit https://t.co/G5ie2who1y pic.twitter.com/b9colxbUdx

— UCL CBT (@uclcbt) October 19, 2022

Wilkins saw the concentration of power in the “whales” in DeFi as a source of risk. In the top ten proof-of-stake platforms by market capitalization, the top 50 validators hold between 47% and 100% of the stakes, she observed. At the same time, there is a lack of transparency when it comes to accountability. This tension is seen in the O...