DeFi Is Like Nothing Regulators Have Seen Before. How Should They Tackle It?

Without those pressure points, things will get tricky. “It’s going to be very difficult to regulate DeFi. Much harder than crypto,” says Katherine Kirkpatrick, co-chair of the financial services practice at King & Spalding. “The ultimate question, beyond how to regulate, is how do you enforce the rules? How do you make someone accountable for breaking the rules? It doesn’t make sense to regulate if you have no enforcement mechanism.”