.HesterPeirce claims that the 'very expansive language' of the proposal could hurt DeFi
that the vague language in the agency's new proposal that aims to modernize the definition of an exchange could pose a threat to decentralized finance., SEC Chair Gary Gensler claims that it is important to adapt update the rules in order to keep up the pace with"increasingly electronified" systems that trade government securities:
Over the decades since Congress put in place the definition of an exchange, there have been many changes to platforms — in particular, that they are increasingly electronified. While the proposal does not mention cryptocurrencies, Peirce warns that it could be used for expanding oversight over crypto trading platforms:Gensler has repeatedly stated that DeFi protocols tend to be centralized, urging the entrepreneurs behind these platforms to register with the SEC. He has also opined that the vast majority of cryptocurrencies are unregistered securities.
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