The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
Blockchain

US SEC Boss Gary Gensler Calls to Regulate DeFi Projects

by Miki 08/20/2021
by Miki 08/20/2021 0 comment

In an interview with the Wall Street Journal on August 19, the US Securities and Exchange Commission chairman Gary Gensler warned that decentralized finance (DeFi) platforms are not immune to oversight by the market regulator.

Gensler went further and said that DeFi projects have features that make them look like the type of entities regulated by the SEC. The SEC chair clarified that DeFi projects that reward participants with valuable digital tokens similar incentives could enter territory subject to the SEC regulation. 

In short, Gensler hinted that the regulator could start regulating DeFi platforms.

In the past, the SEC has been targeting centrally-operated crypto firms that have sold cryptocurrencies, or run exchanges, investment funds, or ICOs.

Despite DeFi platforms being decentralized, with no central entity in charge, Gensler has claimed that such platforms have an organized and transparent set of developers governing each project.

He pointed to individuals involved in the DeFi industry as “promoters” and “sponsors.”

“There’s still a core group of folks that are not only writing the software, like the open-source software, but they often have governance and fees. There’s some incentive structure for those promoters and sponsors in the middle of this.” 

The SEC chairman argued that the term of DeFi is not necessarily accurate, calling it “a bit of a misnomer”. “These platforms facilitate something that might be decentralized in some aspects but highly centralized in other aspects,” Gensler said.

More Investor Protections Needed

This is not the first time that Gary Gensler has called for tougher regulation on DeFi. In the past, the SEC chairman suggested that the decentralized finance landscape could be in the business of selling unregistered securities.

On August 3, Gensler spoke at the Aspen Security Forum, where he said that thousands of crypto assets or tokens are operating as unregistered securities. The SEC chair admitted that currently, there is no adequate investor protection in cryptocurrency.

During that time, Gensler stated publicly that he wants more regulation for exchanges and seeks to cooperate with Congress on that issue. He expressed the desire for Congress to grant the SEC additional powers and resources as it expands its oversight of the cryptocurrency. His speech focused on key areas like tokens classified as securities, stablecoins, DeFi platforms, and financial products tied to crypto, such as exchange-traded funds.

 Gensler joined senators like Elizabeth Warren in calling for more robust consumer protections within the crypto industry.

Image source: Shutterstock

Source link

Views: 1
BossCallsDeFiGaryGenslerprojectsRegulateSEC
Share
0
FacebookTwitterPinterestEmail
previous post
New ATH for Cardano, but is it REALLY something investors can bank on
next post
Robinhood Is a ‘Dogecoin Gateway’, Says Jim Cramer After $ODGE Accounted for Most of the Firm’s Revenue

Related Posts

Iran Bans Crypto Mining to Avert Major Blackouts...

12/29/2021

Italian Sports Car Maker Ferrari Inks Multi-Year Deal...

12/29/2021

ProShares Files for New Metaverse ETF With U.S....

12/28/2021

Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute...

12/28/2021

Binance Trading Platform Licenses in Bahrain, Canada

12/28/2021

Tokenized Bitcoin in Circulation Nears a Half Million...

12/28/2021

Ethereum 2.0 Full Upgrade Will Prompt a 1%...

12/28/2021

Iranian Crypto Miners get Cut Off as Country...

12/28/2021

Kraken Develops NFT Trading Platform, Offering Token-Backed Loans

12/27/2021

Crypto Review 2021 | Blockchain News

12/27/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • Fintech Report Names 2021’s Most Influential Blockchain Companies – Blockchain Bitcoin News

  • Mexican Bank, Banco Azteca Working to be the First Bank in Mexico to Accept Bitcoin

  • Basel Committee Proposes Highest Risk Weightage for Bitcoin

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$30,116.000.29%
  • ethereumEthereum(ETH)$2,053.071.85%
  • tetherTether(USDT)$1.000.07%
  • binancecoinBNB(BNB)$333.494.84%
  • usd-coinUSD Coin(USDC)$1.00-0.06%
  • rippleXRP(XRP)$0.4188860.16%
  • cardanoCardano(ADA)$0.551.90%
  • Binance USDBinance USD(BUSD)$1.00-0.18%
  • SolanaSolana(SOL)$52.682.04%
  • polkadotPolkadot(DOT)$10.524.67%
  • dogecoinDogecoin(DOGE)$0.0867520.93%
  • AvalancheAvalanche(AVAX)$31.660.98%
  • Lido Staked EtherLido Staked Ether(STETH)$2,013.172.46%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$30,121.000.30%
  • tronTRON(TRX)$0.0820446.56%
  • Shiba InuShiba Inu(SHIB)$0.0000122.74%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • daiDai(DAI)$1.00-0.15%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • litecoinLitecoin(LTC)$72.932.17%
  • CronosCronos(CRO)$0.1978992.48%
  • LADZLADZ(LADZ)$0.0686894.36%
  • matic-networkPolygon(MATIC)$0.693.82%
  • leo-tokenLEO Token(LEO)$4.89-0.11%
  • NEAR ProtocolNEAR Protocol(NEAR)$6.312.01%
  • FTX TokenFTX Token(FTT)$30.570.19%
  • HederaHedera(HBAR)$0.389473-3.44%
  • bitcoin-cashBitcoin Cash(BCH)$201.141.57%
  • RareRare(RARE)$0.0461220.00%
  • chainlinkChainlink(LINK)$7.563.86%