BlocksInform
In his latest attack on the crypto industry, securities and foreign exchange president gary gensler questioned his decentralization properties.
Address the annual meeting of the Association de l'industrie des valeurs et des marches financiers (sifma) on October 10. 24, Gensler said that he doesn’t view the decentralization of cryptocurrencies as a factor.
acknowledged that finance has been centralized and concentrated “since antiquity.”
Address delivered at the annual meeting of the Association de l'industrie des securities et des marches financiers (SIFMA) on October 24, Gensler said he does not see the decentralisation of cryptocurrencies as a recognized factor that finance has been centralized and concentrated "since ancient times."
'Central intermediaries tend to take advantage of scale, network effects and access to valuable data,' he said.
This is exactly why Satoshi Nakamoto created . The fallout from a major financial collapse caused by centralised banks and loan companies contributed to the emergence of cryptocurrencies.
Is it true that crypto exchanges are decentralised?
However, the second boss sees things differently, covering the crypto market with the same centralized brush.
'We have even seen the centralization in the cryptography market, based on the idea of decentralisation. We have even seen the cryptography market centralised, based on the idea of decentralization.
This area is actually highly concentrated among mid-market middlemen." All of them have become giant centralists and profiteers in recent years.
Gensler wants to categorize crypto assets as securities so that he can regulate exchanges with the same rigorous rules that stock brokers and exchanges face. This may make the retail merchant's job more difficult. That could make things more difficult for retail merchants.
“As it relates to the intermediaries, the so-called crypto exchanges or lending platforms and the like, they’re highly centralized,” he claimed.
Accordingly, the sec plans to review publicly traded tokens and take steps to provide non-registered securities.
Therefore, the SEC is considering reviewing publicly traded tokens and taking steps to provide non-registered securities.
The baby and the hot tub. Large crypto exchanges can be centralized.
The only way Gensler and company can get their way and crack down on crypto is by classifying the decentralized assets as centralized securities rather than regulating the companies directly.
There is hope that the proposed Lummis-Gillibrand crypto bill will give the CFTC more authority over regulating the asset class. The only way for Gensler and the company to work its way through and crack down on cryptography is to classify decentralized assets into centralized securities instead of directly regulating businesses.
