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A recent report by Kaiko Research outlines how market manipulation tactics are causing many institutional players and market makers to steer clear of decentralized finance (DeFi). The report cites sandwich attacks occurring on Uniswap and Hyperliquid as examples of the manipulative tactics that make DeFi less appealing to institutions. To illustrate the extent to which these tactics undermine efforts to attract the masses to DeFi, the report cites a recent incident involving a USDC- USDT liquidity pool on Uniswap V3 on Ethereum. In this incident, a user attempted to swap 220,800 USDC for USDT. However, before the user could execute the swap, an attacker reportedly sold nearly 20 million USDC for USDT. This drastically dropped the price of USDC to 0.024 USDT for 1 USDC due to what the report described as reduced liquidity and increased slippage in the pool. Consequently, the user received only 5,300 USDT instead of the expected 220,800 USDT, resulting in a loss of 215,500 USDT. According to the Kaiko Research report, the resulting slippage created a market risk for all traders using this liquidity pool at the time, including the victim of the sandwich attack. As argued in the Kaiko Research report, unless stronger protections are established, institutional players will likely remain on the sidelines, and DeFi will continue to face increased scrutiny from regulators. This viewpoint is echoed by Robby Greenfield IV, CEO and founder of Umoja Labs, who identifies asset security as another key concern for institutional investors. Over the long term, Greenfield said manipulative tactics hurt DeFi’s chances of going mainstream. “Of course, the prominence of sandwich attacks, front-running, and the reuse of historically traditional finance trading practices to economically exploit the lack of liquidity in DeFi protocols inhibit high-volume usage of most protocols as a source of investment for non-crypto-native institutions,” the Umoja Labs CEO said. However, Ryan Chow, co-founder of Solv Protocol, insists that the lack of sustainable yield and the relatively small size of the market, rather than market manipulation, are the primary barriers to institutional participation in DeFi. In fact, Chow told Bitcoin.com News that if properly motivated, institutions could actually exacerbate DeFi’s market manipulation problem. “I wouldn’t be surprised if institutions—equipped with sophisticated traders and advanced strategies—end up exacerbating market manipulation, given that retail participants often lack the same level of understanding. Therefore, it is crucial for the average person to be informed about these dynamics and explore potential tools to protect themselves,” Chow asserted. Meanwhile, Greenfield recommends several measures, including full insurance of DeFi’s assets under management as well as implementing transaction privacy or obfuscation methods to counter sandwich attacks. Adopting these measures will mitigate financially motivated attacks and bolster institutional confidence, Greenfield said. To address the issue of low liquidity, a condition that exacerbates market manipulation and slippage, the Umoja Labs CEO urged DeFi protocols to consider building or developing solutions that address unmet institutional needs. Protocols should also prioritize developing intrinsic protocol value before deploying token incentives. On the question of protecting users, Bryan Chu, chief product officer at WOO X, told Bitcoin.com News that this comes down to “providing best-in-class user interface/user experience (UI/UX) to show sufficient warnings and recommendations to potential traders on their trade sizing.” Chu also agrees that user education can be the best way to help market participants tackle manipulative tactics. “I think education is important, and it should be integrated into the trading experience. Users won’t sift through documents mid-trade, so embedding real-time tips and feedback into the UI/UX is more effective. For example, a tooltip explaining slippage tolerance or an alert suggesting an order size adjustment to avoid a sandwich attack,” Chu explained. Chu meanwhile said DeFi platforms should take the lead in iterating risk control measures to reduce market manipulation. He said while external regulation is important, relying solely on it “could damage the decentralization ethos of DeFi by giving regulators the final say.” Greenfield, on the other hand, believes regulation is not only necessary but inevitable. However, he admits the challenge lies in balancing regulation with decentralization principles. “Striking this balance will be complex and take time, but ultimately, thoughtful regulation can strengthen DeFi rather than diminish it,” the Umoja Labs CEO argued. 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。

Acting U.S. Securities and Exchange Commission (SEC) Chairman Mark T. Uyeda led the inaugural session of the agency’s Crypto Task Force roundtable on March 21 in Washington D.C. He used the occasion to urge the Commission to move away from regulation through enforcement when dealing with crypto assets. Speaking to regulators, legal experts, and market participants, Uyeda argued that the SEC should instead embrace formal rulemaking processes to bring clarity to the digital asset space. He stated: This approach of using notice-and-comment rulemaking or explaining the Commission’s thought process through releases – rather than through enforcement actions – should have been considered for classifying crypto assets under the federal securities laws. His remarks set the tone for a roundtable focused on addressing the fragmented legal interpretations that have defined the crypto landscape for years. Uyeda examined the inconsistent application of the Howey test, the Supreme Court’s 1946 standard for identifying investment contracts, and how those inconsistencies complicate the classification of crypto assets. He cited his own past as Chief Advisor to the California Corporations Commissioner, where he argued a certificate of deposit with an attached bonus qualified as an investment contract—a position the court rejected. According to Uyeda, the legal community remains divided. Some federal circuits, he noted, require pooling of investor funds and pro rata profit distribution, while others accept a broader interpretation centered on shared risk. There is also disagreement over whether the investor’s gain must stem from post-sale efforts by the promoter or whether significant actions taken before the sale are sufficient to meet Howey’s threshold. The acting SEC chair noted: Differences in opinions among various courts is not unusual. After all, a judicial opinion is limited to the particular facts and circumstances of that case. “When judicial opinions have created uncertainty for market participants in the past, the Commission and its staff have stepped in to provide guidance,” he clarified. Pointing to past instances where the SEC offered guidance to fill legal gaps—such as in the classification of whisky warehouse receipts and condominium sales—Uyeda suggested that the same approach should have been taken with digital assets. 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。

La Libertad Avanza, better known as the Libra token, whose launch was shared by Argentina’s president Javier Milei, is getting its first class action lawsuit in the U.S. Burwick Law recently announced the introduction of such legal action before the Supreme Court of New York, alleging that the parties behind the token “orchestrated an unfair token launch, allegedly misleading purchasers and harming retail investors.” While the lawsuit mentions President Milei’s endorsement as a key to creating an appearance of “legitimacy and significant investment value” for Libra, he is not directly accused of facilitating the alleged scheme. His sister Karina Milei, who has also been implicated by third parties, is not mentioned either. Nonetheless, other parties publicly linked to Libra, including Kelsier Ventures, KIP Protocol, and Meteora, are included as defendants in the complaint. Read more. A new bill has been introduced in Congress to regulate the payment of wages and other labor-linked obligations using bitcoin in Brazil. The bill, titled “Regulation of the Payment of Salaries, Remunerations, and Labor Benefits with the Use of Virtual Assets,” opens the door for workers to legally receive part of their salary in bitcoin or another virtual asset. Introduced and sponsored by Luiz Philippe de Orleans e Bragança, the bill will need to be analyzed and pass the scrutiny of the Chamber of Deputies, which will decide if the project advances further to the Senate. If passed, workers might be able to receive up to 50% of their wages in bitcoin, provided there is mutual acceptance from both workers and employers. The value of the assets will have to be certified by an entity authorized by the central bank. Read more. International trade markets have been evolving to open their possibilities to the usage of currencies different from the U.S. dollar. This is the opinion of Venezuelan Foreign Minister Yvan Gil, who remarked on the trade policy changes that a multi-polar world has brought for international settlements. In a recent article celebrating 80 years of international relations with Russia, Gil noted that this development was possible due to the rise of the BRICS bloc, an organization integrated by Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates, and its de-dollarization push. Gil declared: At least 25% of global trade operations can be conducted without being tied to the dollar (without using the dollar), which will be a significant step towards greater financial independence of countries subject to sanctions. Read more. To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam Insights newsletter below. 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。

This week, a Reuters report detailed that Paolo Ardoino revealed the company is in discussions with a prestigious accounting firm to scrutinize the reserves underpinning tether ( USDT). This development arrives as the stablecoin’s market presence continues to draw heightened public attention. The Tether boss noted that the audit is now easier to get accomplished with Donald Trump as the U.S. President. “It’s our top priority,” Ardoino told Reuters reporter Hannah Lang. “Now we are living in a landscape where it’s actually feasible.” Ardoino’s remarks arrive on the heels of Trump’s attendance at the Digital Asset Summit earlier this week. Trump pressed Congress to expedite the enactment of legislation crafting definitive regulatory frameworks for stablecoins. “If the President of the United States says this is top priority for the U.S., Big Four auditing firms will have to listen, so we are very happy with that,” Ardoino explained to Lang on Friday. Tether’s pursuit of a Big Four audit, coupled with Trump’s regulatory urgency, signals a strategic alignment between crypto’s institutional ambitions and political momentum. As Ardoino frames regulatory clarity as a catalyst for legitimacy, the convergence of corporate pragmatism and presidential prioritization could redefine stablecoins’ role in global finance. 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。

The U.S. Securities and Exchange Commission (SEC) hosted its first-ever crypto roundtable on Friday, pitting critics and proponents of digital assets in a sometimes-contentious debate focused on how to best determine whether or not a crypto asset is a security. President Donald Trump’s landslide victory in November set the stage for the country’s first crypto-friendly administration. One of Trump’s campaign promises was to fire then-SEC Chairman Gary Gensler, perhaps crypto’s most vocal detractor, but Gensler, seeing the writing on the wall, resigned in January and will now teach “financial technology” at MIT. (Former SEC Chairman Gary Gensler in an undated photo) Trump’s election and Gensler’s subsequent resignation sparked a shakeup at the SEC, with acting Chairman Mark T. Uyeda announcing a new crypto task force just a day after Gensler’s departure. One of the first notable activities carried out by the task force was establishing a series of roundtable discussions exploring some of crypto’s thorniest issues, and what better topic to kick things off than Friday’s “what makes a crypto asset a security?” Uyeda and SEC Commissioners Hester Peirce and Caroline Crenshaw delivered opening remarks before Troy Paredes, Founder of Paredes Strategies moderated a panel of eleven legal experts all opining on the intersection of crypto and securities regulation for nearly four hours. (Panelists at the first-ever SEC Crypto Roundtable / sec.gov) But even the opening remarks revealed a hidden tension between skeptics and advocates of crypto. While Uyeda and Peirce were generally more lighthearted and positive, Crenshaw, a Biden appointee, issued a warning. “Modifying the law to facilitate the success of a chosen product category is fraught with risk,” Crenshaw said. “We cannot poke holes in the foundation without expecting the walls may crack,” she added. The real fun started when an 18-year veteran of the SEC’s Enforcement Division and now president of John Reed Stark Consulting, John Reed Stark, took the gloves off. “The people buying crypto are not collectors. We all know that they’re investors, and the mission of the SEC is to protect investors,” Stark explained. “And how do I know they’re investors? Because whenever I go around and talk about this stuff…I get death threats afterwards because I’m talking about crypto and that it should be regulated,” he added. (John Reed Stark claims he has received death threats for advocating for crypto regulation / johnreedstark.com) Stark also said he read all the briefs from law firms that had legal battles with the SEC and each time, he concluded that the assets involved were all securities. Benjamin Schiffrin, director of securities policy at Better Markets, a non-profit that advocates for the financial industry, agreed with Stark. “I went yesterday to look at the websites of some large brokers…and on the web pages of a lot of them, there’s always a tab of products that they offer: stocks, bonds, mutual funds, ETFs, crypto,” Schiffrin explained. “I struggle with the idea that only four out of five are securities, and not all five.” Lee Reiners, lecturing fellow at Duke Financial Economic Center and Duke Law, completed the “anti-crypto trio.” Much like Stark and Schiffrin, Reiners echoed the general sentiment that almost all crypto, except for bitcoin and non-fungible tokens (NFTs), falls into the investment contract bucket. (The Howey Test is a legal test used to determine whether or not certain crypto assets are securities / Kyrian Alex on Medium) “In over hundreds of cases, judges have applied Howey’s three or four prongs…to the offering of digital asset transactions and found that in fact, there was a presence of an investment contract,” Reiners explained. Despite being outnumbered three to eight, the crypto critics appeared more vocal than their more open-minded counterparts, but the pro-crypto lawyers also managed to make some compelling points. Coy Garrison, partner at Steptoe One LLP and Rodrigo Seira, special counsel at Cooley LLP discussed so-called “regulatory humility,” meaning the SEC should not see itself as the be-all and end-all entity when it comes to regulating crypto. The Commodity Futures Trading Commission (CFTC), the states, and even Congress all play key roles in regulating digital assets. Garrison praised the SEC for finally yielding to calls for clarity and guidance as evidenced by the release of the SEC’s Statement on Meme Coins and its Statement on Certain Proof-of-Work Mining Activities, both of which clarify assets and activities that don’t fall within SEC jurisdiction. “I applaud the work with the meme coin statement and the mining statement,” Garrison said. Collins Belton, managing partner at Brookwood P.C. reminded the panel about the second order effects of classifying digital assets as securities and urged attendees not to get too bogged down with the investment contract question. “There are so many other elements of industry that are affected by this downstream, taxonomical question that get lost in this discussion,” Belton cautioned. But Perhaps Teresa Goody Guillen, partner at BakerHostetler offered the most contrarian view of them all: What if the Howey Test isn’t the appropriate legal tool to determine the regulatory status of crypto assets? (Teresa Goody Guillen suggested that perhaps the Howey Test is not appropriate for crypto / bakerlaw.com) “Howey is the definition of an investment contract,” Guillen explained. “And if you think about these [distributed ledger technology] DLT networks, not as just some basic technology, but more as the fourth industrial revolution, as like a new business form, a new way of doing things, a new way of allocating resources, it becomes much bigger than that.” 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。