Ripple president Monica Long predicts a shift from speculative hype cycles to a new crypto era marked by on-chain compliance.
Global payment network Ripple expects compliance in decentralized finance (DeFi) to be the industry’s “biggest breakthrough” of 2024, according to its president, Monica Long.
In an interview with Cointelegraph, Long said previous hype cycles fueled by initial coin offerings and nonfungible tokens will be replaced by real-world utility at scale, which requires compliance, usability and integration with existing systems.
DeFi represents a shift from traditional, centralized financial systems to peer-to-peer finance enabled by blockchain technology. The sector’s market capitalization stands at $79.5 billion at the time of writing, according to data from CoinGecko. It is not by chance that DeFi has drawn attention from regulators worldwide due to potential compliance implications with existing financial laws.
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Source: https://cointelegraph.com/news/defi-compliance-top-industry-trend-2024-says-ripple-president