According to Theblock, Federal Reserve Governor Christopher Waller stated at the 19th Vienna Macroeconomics Symposium in Austria that technological advancements can "drive improvements in financial efficiency". DeFi will not replace centralized finance, partly because intermediaries are still needed. Although some services that emerge through DeFi cannot be provided by centralized finance, the technological innovation brought by DeFi is largely a supplement to centralized finance. They have the potential to improve centralized finance, thereby increasing the significant value provided by financial intermediaries and centralized financial markets. Christopher Waller is one of the seven board members of the Federal Reserve and was nominated for the position by former President Donald Trump in 2020. Previously, Christopher Waller compared cryptocurrencies to baseball cards and leaned more towards the innovation of stablecoins rather than central bank digital currencies.