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US DeFi Advocacy Group Urges FCA to Narrow Definition of Control in Crypto Oversight

Fund DeFi (a U.S.-based decentralized finance advocacy organization) has called on the UK's Financial Conduct Authority (FCA – UK financial regulator) to limit its definition of 'control' over user assets and transactions.

Summary

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Terms & Concepts
  • Decentralized Finance (DeFi): A blockchain-based financial system that operates without traditional intermediaries like banks, using smart contracts for transactions.
  • Financial Conduct Authority (FCA): The UK financial regulator responsible for overseeing markets, firms, and consumer protections in the financial sector.
  • Control in Crypto Regulation: A legal concept defining the extent to which an entity governs or manages user assets and transactions in cryptocurrency systems.