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DeFi Not Immune to SEC Oversight, Gensler Says: Report
DeFi projects that reward participants with incentives or digital tokens could be subject to SEC regulation, the SEC chairman said.
U.S. Securities and Exchange Commission Chairman Gary Gensler warned that decentralized finance (DeFi) projects aren't immune to oversight by the markets' regulator.
STORY CONTINUES BELOW
- DeFi projects have features that make them look like the type of entities regulated by the SEC, Gensler said in an interview Wednesday with the Wall Street Journal.
- Even though they are decentralized, with no central entity in charge, DeFi projects that reward participants with incentives or digital tokens could enter territory that is subject to SEC regulation, he said.
- “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,” Gensler said. “There’s some incentive structure for those promoters and sponsors in the middle of this.”
Read more: Money Reimagined: Gensler’s SEC Is the Same Old SEC
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
