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Coinbase CEO urges DeFi protocols to consider legal action against CFTC enforcement actions

Coinbase CEO Brian Armstrong has shown his support for decentralized finance (DeFi) protocols and suggested that they take legal action to set a precedent. He believes that the current approach of the United States Commodities and Futures Trading Commission (CFTC) is pushing the industry towards overseas jurisdictions.

Armstrong also stated that the CFTC should not take enforcement actions against DeFi protocols as they do not function as conventional financial service businesses and it's questionable whether the Commodity Exchange Act is even applicable to them. Republican Commissioner Summer Mersinger has also expressed her support for DeFi protocols and believes that the CFTC should focus on establishing transparent regulations rather than resorting to enforcement measures.

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