DeFi regulation just got an unexpected metaphor from one of the industry’s best-known builders. Aave founder and CEO Stani Kulechov says decentralized finance may need to follow what he calls an “Uber path” if lawmakers struggle to settle on clearer rules.
Kulechov spoke with The Block’s Gareth Jenkinson at Avalanche Summit in New York on Wednesday, less than a day after the U.S. Senate voted 49-50 against advancing the Clarity Act.
The setback has not made Kulechov give up on legislation. He said he is still “very hopeful” the bill can happen this year, arguing that lawmakers on both sides want clearer definitions, safeguards and a market structure for the industry.
But he is also looking beyond Washington.
Kulechov’s idea is that wider use could become its own kind of pressure. If DeFi reaches millions of people and becomes deeply embedded in how financial services work, lawmakers may eventually have little choice but to work out how those systems should be governed.
“But if that doesn’t obviously happen, I think the ultimate goal is to really use this technology and empower millions of people around the world,” Kulechov said.
That is where his Uber comparison comes in. He argues that adoption could push DeFi forward while forcing regulators to confront a technology that is increasingly difficult to ignore.
“So that’s why I call it the Uber path in the future,” he said.
DeFi regulation Is Only One Part of Aave’s Next Move
While the U.S. legislative debate continues, Aave is also pushing into territory far removed from purely crypto-native assets.
Kulechov said the protocol’s next phase includes tokenized stocks, securities and other real-world assets. Aave has introduced a real-world asset hub on Avalanche aimed at institutional lending and borrowing, with certain tokenized assets eligible to serve as collateral for stablecoin loans.
He said the move responds to institutional demand that Aave wants to bring onchain. “Institutions come with size, so that’s where a lot of the demand will come,” Kulechov said.
For Kulechov, the biggest obstacle is no longer building the technology. The harder problem is getting people and institutions to actually use it.
“Tokenization and DeFi are not a technological challenge anymore,” he said. “I think it’s a go-to-market challenge.”
That idea also shows up in Aave’s consumer ambitions. The company is working on an upcoming app designed around a simpler savings experience, with the complicated parts of DeFi hidden from users.
The product would abstract away wallets, networks and stablecoins while allowing people to move money between bank accounts and Aave. It is a notably consumer-facing approach for an industry often defined by technical infrastructure.
Kulechov ultimately sees that infrastructure expanding far beyond its current audience. “I think DeFi will be plugging all finance in the next couple of decades,” he said.
For now, the tension is clear: DeFi regulation remains unsettled in Washington, while Aave is preparing for a future in which tokenized assets, institutional borrowing and consumer savings products all sit on the same rails. Kulechov’s “Uber path” is his argument for building that future first and letting lawmakers catch up.