Aave founder Kulechov compared the potential development of decentralized finance to Uber's history. The entrepreneur believes that DeFi might first gain broader practical application and only then face the necessity of creating specific rules for the new segment. He expressed his opinion after the U.S. Senate did not support the procedural advancement of the CLARITY bill on September 15, which is dedicated to regulating the cryptocurrency market. Kulechov also expressed hope that the discussion of the document will continue this year.
Comparing DeFi to Uber, the businessman noted that ride-booking services through apps became widespread even before the formation of specific regulations. In a similar situation, he believes, decentralized financial protocols might find themselves: their use could expand to the point where the continued absence of specific rules becomes challenging. Kulechov also pointed out the demand for clearer definitions of digital assets, understandable working conditions for market participants, and the delineation of regulatory powers. If a new regulatory framework cannot be agreed upon, the sector will continue to develop within the existing requirements.
One of the promising directions for DeFi, according to Kulechov, is the tokenization of stocks, securities, and other real assets. He stated that the technical side of such solutions is no longer the main obstacle, whereas bringing products to the mass market and attracting a large number of users remains a more complex task. The entrepreneur also believes that in the long term, decentralized protocols could be used for a significant portion of financial transactions. Previously, Standard Chartered's head of digital asset research, Geoffrey Kendrick, estimated the potential growth of the total volume of funds locked in DeFi protocols to $2.7 trillion over four years.
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