Cryptocurrencies and Decentralized Finance (DeFi)
概述加密货币与去中心化金融（DeFi），比较其与传统金融中介的优劣，指出DeFi虽可能降低交易成本，但因竞争受限存在租金累积，且其匿名性给税收和反洗钱带来挑战，并提出兼顾收益与合规的监管思路。
The paper provides an overview of cryptocurrencies and decen tralized finance (DeFi). The discussion lays out potential benefits and challenges of the new system and presents a comparison to the traditional system offinancialintermediation.OuranalysishighlightsthatwhiletheDeFiarchitecture might have the potential to reduce transaction costs, similar to the traditionalfinancialsystem,thereareseverallayerswhererentscanaccumulatedue toendogenousconstraintstocompetition.Weshowthatthepermissionlessand pseudonymousdesignofDeFigenerateschallengesforenforcingtaxcomplianceandanti-moneylaunderinglawsandpreventingfinancialmalfeasance. WehighlightwaystoregulatetheDeFisystemwhichwouldpreserveamajority ofbenefitsoftheunderlyingblockchainarchitecturebutsupportaccountability andregulatorycompliance.