SEC Sends a Demoralizing Warning to DeFi, the Bank Killers

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The Street

By Luc Olinga The SEC and the states slap a $100 million fine on crypto firm BlockFi and indirectly signal that no financial startup is out of reach. The agreement between the Securities and Exchange Commission and BlockFi shocked the world of decentralized finance, known as DeFi. The players in this emerging industry, which makes no secret of its intention to relegate traditional banks to oblivion and promises financial inclusion, are still analyzing the message the federal regulator and the states sent to them. But judging by the very few official reactions or the refusal to speak on the iss…

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