DeFi Will End Poorly' Without Protections: SEC Chair Gary Gensler

[Galaxy]

The SEC chair has once again compared the rise of DeFi to the Wild West, stressing that it needs better investor protection. The emerging decentralized finance (DeFi) industry is one of the most innovative areas in crypto, according to the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. But that doesn't mean it can evade regulation, he added.

Speaking at the Yahoo Finance’s All Markets Summit on Monday, Gensler said that while Satoshi Nakamoto, the pseudonymous creator of Bitcoin, “was pressing up against the definition of money, […] DeFi is starting to press up [against] some other innovations.”  Source