In the crackdown on decentralized finance, regulators should assume power is anything but dispersed.
That’s the message from the world’s top securities standards body, which recommended regulators home in on the people and organizations that directly influence or control areas like design, maintenance and finance in DeFi, which underpins the cryptocurrency industry.
“There is a common misconception that DeFi is truly decentralized and governed by autonomous code or smart contracts,” said Tuang Lee Lim, chair of IOSCO’s board-level fintech task force, said in a statement. “In reality, regardless of the operating model of the DeFi arrangement, ‘responsible persons’ can be identified.”
There, authorities charged two of the original developers of Tornado Cash with helping to launder more than $1 billion in digital assets for clients including a North Korean hacking group. Tornado Cash was designated as a sanctioned entity by the US Treasury Department last year, a move that inspired a string of lawsuits by major industry names such as crypto exchange Coinbase who challenged the goverment’s authority over the area.
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