Regulators Will Now Turn Their Sights To DeFi-Specific Regulation

When Facebook announced Libra, its stablecoin project, regulators hit the panic button. Fast forward several years, and they’ve been working on crypto regulation for a while now. Regulators and legislators were not too spooked when FTX failed, because they have become increasingly blockchain literate. Crypto regulation has been advanced at this point in some jurisdictions. It generally covers centralized crypto, which entails crypto companies like Coinbase, Circle, and FTX. For instance, the European Union’s Markets in Crypto-Assets (MiCA), upon which work started in 2018, is expected to be fully implemented by the end of 2024. MiCA covers cryptocurrencies, security tokens,