US Commodity Futures Trading Commission (CFTC) Chairman Rostin Benham has said there is a need to regulate the activities of DeFi protocols.
He has reportedly compared the situation in the sector to seeing "unlicensed physicians."
Benham has stated:
"Would be comfortable on the road if only some individuals were required to have a drivers’ license, or whether, given the choice, you would entrust your healthcare to an untrained, or unlicensed physician?"
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The CFTC chairman said in May that decentralized exchanges (DEXes) would be regulated by his office or the SEC, even if the platforms operated autonomously or with minimal human intervention.
Prior to Benham, CFTC chief compliance officer Ian McGinley said something similar. In September, he called unregulated decentralized financial exchanges a "clear threat" to markets and customers.