Market Misconduct in Decentralized Finance (DeFi): Analysis, Regulatory Challenges and Policy Implications
arxiv(2023)
摘要
Technological advancement drives financial innovation, reshaping the
traditional finance landscape and redefining user-market interactions. The rise
of blockchain and Decentralized Finance (DeFi) underscores this intertwined
evolution of technology and finance. While DeFi has introduced exciting
opportunities, it has also exposed the ecosystem to new forms of market
misconduct. This paper aims to bridge the academic and regulatory gaps by
addressing key research questions about market misconduct in DeFi. We begin by
discussing how blockchain technology can potentially enable the emergence of
novel forms of market misconduct. We then offer a comprehensive definition and
taxonomy for understanding DeFi market misconduct. Through comparative analysis
and empirical measurements, we examine the novel forms of misconduct in DeFi,
shedding light on their characteristics and social impact. Subsequently, we
investigate the challenges of building a tailored regulatory framework for
DeFi. We identify key areas where existing regulatory frameworks may need
enhancement. Finally, we discuss potential approaches that bring DeFi into the
regulatory perimeter.
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