Federal Reserve Governor Waller said that since the rise of decentralized finance, users have been able to conduct financial transactions and interactions without intermediaries. This new financial ecosystem leverages the transparency and security of blockchain to give users more control and autonomy. This has also led to the emergence of more innovative financial products and services, such as smart contracts and decentralized exchanges. However, while decentralized finance brings many advantages, it also faces some challenges. For example, users need to have some technical knowledge to safely operate these emerging tools, and lack of regulation may lead to increased security risks and fraud. Therefore, as we embrace innovation in decentralized finance, we must also be vigilant and ensure proper protections are in place to protect users' rights and enhance the credibility of the overall system.

Federal Reserve Governor Waller said that since the rise of decentralized finance, users have been able to conduct financial transactions and interactions without intermediaries. This new financial ecosystem leverages the transparency and security of blockchain to give users more control and autonomy. This has also led to the emergence of more innovative financial products and services, such as smart contracts and decentralized exchanges. However, while decentralized finance brings many advantages, it also faces some challenges. For example, users need to have some technical knowledge to safely operate these emerging tools, and lack of regulation may lead to increased security risks and fraud. Therefore, as we embrace innovation in decentralized finance, we must also be vigilant and ensure proper protections are in place to protect users' rights and enhance the credibility of the overall system.