On January 8, 2024, the Digital Assets and Blockchain Technology Subcommittee (the Subcommittee) of the Commodity Futures Trading Commission’s (CFTC or the Commission) Technology Advisory Committee (TAC) presented a 79-page report titled “Decentralized Finance” (DeFi) to the CFTC. The Subcommittee’s work, which is sponsored by Commissioner Christy Goldsmith Romero, does not represent the views of the CFTC. Rather, it “provid[es] a framework for policymakers and industry in approaching the regulation of DeFi.”