Rebecca Retting, the General Counsel at the Aave companies joined Citi’s Ronit Ghose and Sophia Bantanidis to discuss the policy/regulatory outlook for Decentralised Finance (DeFi), which is an open and programmable financial system without any intermediaries. Rebecca believes DeFi will not replace TradFi, but will collaborate to offer new products/experiences to users. Challenges remain around DeFi being permissionless, pseudonymous, etc. but solutions are being developed (e.g. crypto-native KYC protocols, white-listed wallets, etc.) that allow TradFi to more easily engage with DeFi whilst staying within their compliance guidelines. However, Rebecca thinks that there is still work to be done on the regulatory front and legal uncertainty remains, such as around wrapping DAOs into a legal entity (e.g. LLC, Trust, etc.).