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SEC Chair Gensler Says He's Concerned About DeFi

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Tue, 08/03/2021 - 06:34
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Alex Dovbnya
Gary Gensler has made it clear that he’s not a cryptocurrency cheerleader despite his expertise in the sector
SEC Chair Gensler Says He's Concerned About DeFi
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Securities and Exchange Commission (SEC) Chair Gary Gensler recently told Bloomberg that he was concerned about decentralized finance.

Apart from DeFi, multiple other sectors of the cryptocurrency industry, including stablecoins and exchange-traded funds, are on the SEC’s radar.

Gensler claims that he asked his staff to use all of the agency’s authorities:

I’ve asked the staff to use all of our authorities anywhere we can.

As reported by U.Today, the SEC boss urged Congress to regulate cryptocurrency exchanges during a virtual hearing back in March. 

Related
SEC Chair Gary Gensler Warns There Are Non-Compliant Crypto Tokens
Despite teaching an MIT course on blockchain in the past, Gensler made it clear that he’s not neutral on crypto when it comes to investor protection:

While I’m neutral on the technology, even intrigued—I spent three years teaching it, leaning into it—I’m not neutral about investor protection.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.