Money crypto and tech crypto present different risks that public policy might address. In money crypto, the risks look more or less as they do in traditional finance: third-party custody, third-party-facilitated payments, retail investor protection, illicit finance and market manipulation, among other things. CeFi looks a lot like traditional finance (TradFi), after all. Tech crypto risk encompasses some of these categories but includes entirely different ones, too: hazardous self-custody, vulnerable smart contracts, good and bad actors having equal access and public, pseudonymous and irreversible transactions. DeFi opens up a whole different problem set with which public policy is unfamiliar.
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