SEC Chair Gary Gensler expressed concern over the regulation of DeFi while speaking at Yahoo Finance’s All Markets Summit on Monday, October 25th. Gensler described DeFi as “one of the innovative areas in this crypto movement,” but also noted that it has “started to press up some other innovations,” comparing DeFi to the emergence of peer-to-peer lending about 15 years ago. Gensler said that after DeFi is subjected to investor protection regimes, and in some cases banking regulation, he hopes to “get to the other side” with whatever innovation survives the process. Gensler repeatedly stressed the importance of protecting the public, as well as protecting financial stability concerns. “There’s a lot of lending going on. There’s a lot of trading going on. And without protections, I fear that it’s going to end poorly.”
A complete transcript of Chair Gensler’s interview can be found here: https://finance.yahoo.com/video/sec-chair-gary-gensler-speaks-144426838.html.
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Blockchain technology utilizes a distributed digital ledger to record and track information, and can be leveraged to gain transparency and certainty in transactions ranging from cryptocurrency to supply chain tracking. This blog provides information on the legal developments surrounding implementation of blockchain technology, with an initial focus on the financial services sector.