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Entrepreneur
Kurra Bewarse
Username: Entrepreneur

Post Number: 3628
Registered: 05-2011

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Posted on Wednesday, August 04, 2021 - 8:26 am:   

Crypto ‘Wild West’ Needs Stronger Investor Protection, SEC Chief Says

1. “We just don’t have enough investor protection in crypto. Frankly, at this time, it’s more like the Wild West,” Mr. Gensler said in prepared remarks to the Aspen Security Forum. “We have taken and will continue to take our authorities as far as they go.”

2. “If this innovation has any chance of surviving into the, you know, late 2020s and 2030s, it can’t stay astride of the public policy,” said Mr. Gensler, a veteran Democratic regulator who taught a course on cryptocurrency at the Massachusetts Institute of Technology.

3. In his speech Tuesday, Mr. Gensler highlighted a range of areas in which the SEC could expand its purview.

One of them is decentralized finance, or DeFi, software applications that allow users to borrow, lend, earn interest and trade assets and derivatives. Some DeFi developers say the technology shouldn’t face federal oversight because the automated programs aren’t controlled by people or companies and don’t hold traders’ assets. The services are often used by people seeking to borrow against their cryptocurrency holdings to place larger bets.

4. Investors have poured tens of billions of dollars into DeFi over the past 12 months, often seeking yields on their crypto assets far greater than they could achieve through dollar-based interest rates. The assets deposited as collateral with DeFi projects have swelled to $85 billion from around $3 billion a year ago, according to data provider DeBank.

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