Federal Reserve Governor Christopher Waller stated that DeFi should not be considered "scary" just because it operates outside traditional banking infrastructure.

At the 2025 Wyoming Blockchain Symposium, Waller defined blockchain-based transactions as a "natural technological evolution" rather than a "disruptive threat."

He compared DeFi operations to traditional shopping, pointing out that "purchasing cryptocurrency with stablecoins through smart contracts" is fundamentally the same process as "shopping with a debit card at a grocery store."

Waller stated, "There is nothing to fear about using smart contracts, tokenization, or distributed ledgers in everyday transactions."

The Federal Reserve Governor positioned DeFi technology as "a new tool for transferring assets and recording transactions," emphasizing that its functions are highly similar to existing payment methods.

Waller argued that innovation led by the private sector should be the core driving force behind the development of payment systems, viewing stablecoins as "the latest example of market-driven solutions."

Additionally, he believes that the development of stablecoins has expanded the use of the dollar globally, particularly in countries with high inflation and a lack of inclusive financial services.

Waller even emphasized that stablecoins possess characteristics of "24/7 uninterrupted service" and "fast transfers," which not only have the potential to "maintain and expand the international status of the dollar" but also improve the efficiency of retail and cross-border payments.

This speech comes after the passage of the GENIUS Act, the first core cryptocurrency legislation signed into law in the United States, which Waller referred to as "an important step for the payment stablecoin market."

Waller's remarks in Wyoming continue his stance of "supporting innovation" throughout 2024.

Last October, at a macroeconomics seminar in Vienna, Waller pointed out that DeFi is more likely to "complement traditional finance" rather than "completely replace traditional finance."

He acknowledged the potential of DeFi to "simplify financial activities," while also emphasizing that financial intermediaries still play an important role for most people.

In November 2024, at the annual meeting of the bill exchange, Waller advocated for market-driven solutions in the cryptocurrency and payment sectors, highlighting the advantages of private sector innovation driven by competition.

He believes that profit motives and market competition enable private enterprises to make better choices in technology investment decisions and consumer demand assessments.

Waller also mentioned that the Federal Reserve is conducting technical research on tokenization, smart contracts, and artificial intelligence in the payment sector. This initiative not only helps the Federal Reserve fulfill its role as a payment system operator but also provides private enterprises with the opportunity to utilize central bank infrastructure.

Waller stated that, driven by advancements in computing power, data processing, and distributed networks, payment systems are undergoing a "technology-driven revolution."

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