Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), does not view decentralization as a fact of the crypto market, even though the origins of cryptocurrencies were meant to circumvent centralized entities.
“It is likely that intermediaries will benefit from the network impact. and access to valuable information Even though technological innovations have repeatedly disrupted the existing business model But it is still likely to be centralized again,” Gensler said in remarks prepared for a virtual appearance at the Association of Securities Industry and Financial Markets annual meeting in New York City.
“We’ve seen Centralized in the crypto market that emerged from the idea of decentralization,” Gensler warned, “so we have to be careful in this area.”
Gensler also answered a question during an appearance that most, but not all, crypto exchanges. There is a violation of securities laws by listing unregistered securities.
“Crypto exchanges or lending platforms and the like, they are highly centralized,” the SEC president said. “Also, they often have hundreds of tokens. And there is also the likelihood that there will be some security tokens.”
Gensler has also asked exchanges to contact securities regulators if they are unsure if the tokens listed may be viewed as securities, and said the SEC could work on a case-by-case basis. will be exempted or not
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