It's not about contempt for defi, it's about applying the same level of regulatory oversight to defi that any other lending institution would have.

Truth of the matter is that in the financial industry there are always cutthroat and dishonest players trying to find a novel way to bilk people and yet more people trying to make a buck in a reckless manner that endangers consumer money.

Ultimately it's not about crippling the crypto industry, it's about preventing fraud irresponsibility. Other financial sectors have to do this, crypto should be no different.