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Morning Edition · Thursday, November 12, 2026Published at 12:46 AM EST · New York
Ajna Founders Argue a Fully Backed Stablecoin Cannot Protect DeFi Lenders From Token Votes
The GENIUS Act regulates stablecoin issuers but not who can change a loan's terms after the money is lent, and the Democrats who now control Congress are discussing a market-structure bill that would give the SEC a bigger role.
Institutions evaluating decentralized finance (DeFi) lending usually ask which markets are safest. Mike Hathaway and Joseph Quintilian of Ajna, a lending protocol that runs without price oracles, argue in CoinDesk that the better question i…
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Losses Move to Components That Worked as Designed
A growing share of DeFi losses will come not from buggy contract code but from components behaving exactly as specified — oracle forwarders, validator signature sets, governance votes and other trusted off-contract inputs — so audits and bug bounties scoped to on-chain code keep missing the failure surface, and protocols will be repeatedly forced to extend review, scope and monitoring to their privileged operational infrastructure.
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