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Post: Compliance in Decentralized Finance (DeFi): The Biggest Crypto Breakthrough by 2024

Compliance in Decentralized Finance (DeFi): The Biggest Crypto Breakthrough by 2024

Key Points:

  • Ripple’s president, Monica Long, believes that compliance in decentralized finance (DeFi) will be the biggest breakthrough in the crypto industry by 2024.
  • Long expects a shift from speculative hype cycles driven by ICOs and NFTs to a focus on real-world utility at scale, which requires compliance, usability, and integration with existing financial systems.
  • DeFi represents a move towards peer-to-peer finance enabled by blockchain technology, with a current market capitalization of $79.5 billion.

Insight:

Ripple’s president, Monica Long, envisions a future for the crypto industry where compliance in decentralized finance (DeFi) becomes the dominant focus. She believes that the industry will transition from speculative hype cycles driven by ICOs and NFTs towards a focus on real-world utility at scale. This shift will require compliance, usability, and integration with existing financial systems. DeFi, which enables peer-to-peer finance through blockchain technology, has gained attention from regulators due to potential compliance implications. Long’s expectation of compliance being the biggest breakthrough of 2024 suggests that the industry is moving towards a more regulated and integrated future.

Hot Take:

Monica Long’s prediction of compliance being the biggest breakthrough in the crypto industry reflects a growing recognition of the importance of regulatory compliance for the long-term sustainability and adoption of cryptocurrencies. While the crypto industry has traditionally been associated with decentralization and libertarian ideals, it is becoming increasingly clear that compliance with existing financial regulations is necessary for wider acceptance and integration with traditional systems. By emphasizing compliance in DeFi, Ripple aims to position itself as a responsible player in the industry and drive the adoption of blockchain technology in a more regulated manner.

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