Definitive Compliance in 2024, and New SEC Rules Set to Challenge: Finance Redefined
Welcome to Finance Redefined, your weekly volume of decentralized finance (DeFi) insights – a newsletter designed to bring you the most relevant developments from the past week.
In an interview with Cointelegraph, Ripple's president said: He said 2024 could be the year of DeFi regulations. Meanwhile, the United States Securities and Exchange Commission (SEC) has introduced new definitions for “dealer” and “government securities dealer” targeting liquidity providers in DeFi. However, experts believe that stakeholders will challenge the new law in court.
The top 100 DeFi tokens had a bright week, following in the footsteps of broad market gains, and the total value locked (TVL) in DeFi protocols surpassed $63 billion.
Ripple's president says compliance will be a major industry trend in 2024
Global payments network Ripple expects decentralized finance (DeFi) to be the industry's “biggest breakthrough” of 2024, according to president Monica Long.
In an interview with Cointelegraph, Long said that incentive cycles previously fueled by initial coin offerings and volatile tokens will be replaced by real-world utility, which requires compliance, usability and integration with existing systems.
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The SEC's new distributor rules will be challenged in court, experts say
On February 6, the US SEC approved new rules redefining “dealer” and “dealer of government securities.” The new regulations, which will first be proposed in 2022, will require many crypto market participants to register, join a self-regulatory organization and comply with federal securities laws.
The new SEC regulations have drawn a lot of criticism from the crypto community, the DeFi ecosystem, and pro-crypto politicians. Since the rules were first proposed two years ago, the crypto community has protested, citing a lack of clarity in the definition of crypto securities.
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EigenLayer TVL rockets to $1 billion after temporarily removing staking caps
Ethereum-based liquidity restoration protocol EigenLayer's TVL protocol raised an impressive $1 billion in eight hours after the protocol temporarily removed its stake.
In the year The protocol said this temporary removal “paves the way for a future” permanent removal of all stockpiles.
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Block Earner case brings “perverse implications” for DeFi in Australia
The Federal Court of Australia has established a specific exception for crypto-product products, which states that while products that promise to obtain a managed product require a financial services license, “passing” DFI products may not.
In the year Ether and PAXG Gold (PAXG), which require Australian financial services approval.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens had the biggest week by market capitalization, mostly in the green trading on the weekly charts. The TVL in DeFi protocols has reached $63.9 billion.
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
