[20210728]IN11709_分散金融（DeFi）和金融服务脱媒：政策挑战.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Decentralized Finance (DeFi) and Financial Services Disintermediation: Policy Challenges July 28, 2021 Decentralized finance (DeFi) is one of the fastest-growing areas within the digital asset industry. Total value locked (TVL), a common measure of market size for DeFi referring to the value of the digital assets committed for transactions in DeFi systems, reportedly reached $89 billion in May 2021, up from around $1 billion a year before (although that amount has since dropped to about $66 billion as of July 26, 2021). DeFi does not yet have a standardized definition, but the term generally refers to the use of digital assets and blockchain technology to replicate and replace conventional delivery of financial servicessuch as loans, asset trading, insurance, and other servicesthrough central financial intermediaries such as brokerages, exchanges, or banks. Characterized as financial disintermediation, or “cutting out the traditional middleman,” DeFi aims to offer financial services through a direct peer-to-peer system that uses digital assets and “smart contracts,” which are computer programs that automa