The Securities and Exchange Commission is delving into decentralized finance in a predictable move as it gears up to sue one of the largest decentralized exchanges.
"This is a new area for them to be moving forward with, although it's certainly not one that surprises me or anyone that they're continuing to open up new areas of new fronts in the battle against crypto," Schulp said in an interview with The Block. In Washington, SEC Chair Gary Gensler has argued that most cryptocurrencies are securities and should be regulated similarly to other investments. The SEC's top enforcer, Gurbir Grewal, lashed out at the crypto industry last week, condemning the industry over its "significant noncompliance" and "creative attempts" to avoid its jurisdiction.
"I think this is just the beginning of moving into the DeFi space," Goody Guillén said, adding that the current securities regulatory regime doesn't work for cryptocurrencies. The rule proposal can be read as a "recognition that the current regulatory landscape does not clearly cover DeFi," said the Cato Institute's Schulp.
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