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Exploration of decentralized exchanges reveals risks and opportunities, suggesting balanced regulatory approaches.
Decentralized exchanges (DEXs) present challenges for regulation and investor protection; nevertheless, they also present many opportunities for disintermediation and transparency. We explore the past and present state of DEXs, and argue that regulators ought to recognize the both their risks and promises, pursuing oversight strategies that balance flexibility and investor protection.
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Harvey et al. (2026) studied this question.
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