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SEC Chairman Targets DeFi, Reconsiders Exchange Definition Amid Crypto Scrutiny

Cointime Official

April 15 (Cointime) - U.S. Securities and Exchange Chairman Gary Gensler intensifies scrutiny on crypto, targeting DeFi.  The regulator announced plans to reconsider the definition of an exchange, including decentralized finance protocols such as decentralized exchanges.

The proposal to modify the rule under the Securities Exchange Act of 1934, also known as the Exchange Act, has prompted the SEC to reopen the comment period. The Exchange Act defines an exchange as an entity that facilitates the buying and selling of securities, but the proposal seeks to revise this definition specifically for decentralized finance (DeFi) purposes.

“I believe this supplemental release will help address comments on the proposal from various market participants, particularly those in the crypto markets,” said SEC Chair Gary Gensler. “Make no mistake: many crypto trading platforms already come under the current definition of an exchange and thus have an existing duty to comply with the securities laws. Investors in the crypto markets must receive the same time-tested protections that the securities laws provide in all other markets. I welcome additional public comment on all aspects of the proposal in light of the information in this supplemental release.”

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