Acting OCC head warns that ‘fools gold’ in DeFi reminds him of lead-up to GFC By Cointelegraph

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Appearing OCC head warns that ‘fools gold’ in DeFi reminds him of lead-up to GFC

Appearing head of the US Workplace of the Comptroller of the Foreign money (OCC) Michael Hsu has warned that the unique monetary merchandise developed in some quarters of crypto and DeFi are paying homage to people who precipitated the 2008 World Monetary Disaster (GFC).

Talking earlier than the Blockchain Affiliation on Sept. 21, Hsu warned that “innovation for innovation’s sake […] dangers making a mountain of idiot’s good,” drawing analogies between the fast proliferation of digital asset derivatives and the explosion in mortgage and debt derivatives, such because the Credit score Default Swaps (CDS) that preceded the 2008 world monetary disaster: