DeFi Should Have Proper Regulations Before Entering The Retail Industry, Says Powell

Federal Reserve Chairman (USA) Jerome Powell has opined the expansion of DeFi (decentralized finance) in retail. He also discussed the impact of DeFi on the traditional financial system and the necessity of appropriate regulations. 
During the event “Opportunities and challenges of the tokenization of finance”, organized by the Banque of France, Powell mentioned that there is an issue of lack of transparency in DeFi, which should be addressed. This event was organized on September 27. The regulation should have considered the problems associated with DeFi to tackle the current market doldrums. 

General Manager of the Bank of International Settlements (BIS) Agustin Carstens also expressed concern about the matter. DeFi has fallen by 71% from its previous value.