Shapeshift founder and long-time Bitcoin advocate Erik Voorhees believes that DeFi has solved the problem of regulatory clarity, prohibiting people from owning or trading most cryptocurrencies.
Voorhees said that DeFi is “permissionless” in nature, meaning that if people want to trade and own altcoins that are not listed on a centralized exchange, they can turn to a decentralized protocol.
DeFi protocols do not require explicit regulatory or operating licenses, and there is little that governments can do to intervene beyond making DeFi-related transactions illegal.