On March 22nd, foreign commodity spot regulators accepted the contents of a crash course on decentralized financial industry (DEFI). Login password executives briefed regulators on the core issues endangering the indoor space, including utilization, decentralization and digital identity.

As part of the first meeting of the CFTC Technical Advisory Committee (TAC) scheduled to be held in Washington, USA, a member of the login password indoor space introduced the core issues endangering DEFI at this stage to the on-time meeting.

Agatha Goldsmith Romero of the CFTC committee issued a prepared statement at the beginning of the meeting, noting that it was "extremely important" to "understand how Defi works" because "relevant policy decisions relating to Defi" were currently being made by regulators and due process.

The working group was first presented by Alibaba Redbold, head of legal and government affairs of blockchain technical information company TRM Labs, on Defi and blockchain applications.

He summed up the benefits claimed by blockchain technology, namely clarity, stability and personal privacy, which he said would allow regulators to strike a balance between "personal privacy and security needs".

Together with Nikos Andrico Gian County Ping an Real Estate, founder of the analytics firm Metrika, Redbaud outlined the benefits and confusion of decentralization at this stage, concluding that the benefits far outweigh the tests, which they believe will be "handled by themselves".

"people can no longer ignore the time point of decentralization," Andrikogiannopoulos said. "not only should we embrace it, so I think it is incumbent on everyone to lead it to the right path."

Redbord described the total amount of DEFI made in the past few years, saying that "stability tests were carried out during the FTX period [.]" And it's not unsuccessful. Defi will definitely stay here.

According to DefiLlama, the total value of Defi locks is about $49.1 billion, up from about $15 billion in early January 2021.

Subsequently, Carole House, a resident executive of venture capital firm Terranet Ventures, and Jill Gunter, chief strategy officer of blockchain infrastructure company Espresso Systems, outlined the current digital identity and unmanaged wallet solutions, citing Taifang name service and MetaMask wallet as examples.

Michael Shorov, founder of Fireblock, and Dan Guido, founder of Trail of BITS, went on to explain the loopholes and loopholes that have already occurred in the market and have occurred again.

"every hack is very public," Guido said. "it's usually your consumers and other outside companies that see them before you do." This conveys a "need for the extreme" to login password companies, he said.

In all 2022, the top 10 vulnerabilities in login passwords alone lost more than $2 billion, and of the 167vulnerabilities implemented throughout the year, 113were Defi coordinators.

Shorov went on to outline attacks on Luoning Bridge, Badger DAO and recent loopholes in the European White Cat's financial sector.

The Defi part of the conference concluded with a unanimous vote to establish a federation of working groups on digital currency and blockchain applications.

The working group consortium will focus on the "main causes of Defi", what issues it addresses, test cases, vulnerabilities and its proposed legal and policy framework.

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