According to news from the chain, Brian Brooks (formerly Chief Legal Officer of Coinbase), Acting Administrator of the Office of the Comptroller of the Currency (OCC), classified DeFi and autonomous driving into categories. He pointed out, “The banking industry is heading the same path, The technology behind Centralized Finance (DeFi) is driven. Existing bank supervision is actually supervising bankers, and DeFi overturns all of this. It uses blockchain technology to provide services without the need for human intermediaries. An example is the use of Based on the interest rate derived by the algorithm of supply and demand, traditional banks create a currency market with the interest rate set by the committee. Other DeFi projects include decentralized exchanges that allow users to trade without a broker, and do not involve loan officers or The loan agreement of the Credit Committee. Although these "self-driving banks" are new, they are likely to become mainstream."
Brian Brooks pointed out in response to the opportunities and challenges of DeFi, "In terms of opportunities, by letting the algorithm do things for depositors, savers can no longer look for the best interest rate, and they can also end the issue of certain borrowers by letting the software make credit decisions. Discrimination can even eliminate the risk of fraud or corruption and is no longer managed by humans. However, self-driving banks also bring new risks. If technology accelerates the withdrawal of depositors, as high-frequency trading accelerates stock selling, this may Increased liquidity risk, compared with traditional banks. For similar reasons, asset volatility may also be a concern. If no one is involved in the valuation, the management of loan collateral may be more difficult. There is also a risk that the federal regulation In the absence of clarity, US states are eager to fill this gap and create a bunch of inconsistent rules that hinder the orderly development of the market. This is the case of autonomous vehicles. Therefore, federal regulators must determine one A regulatory plan for autonomous driving banks.”
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