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According to The Block, the U.S. Securities and Exchange Commission Chair Gary Gensler doesn’t view decentralization as a fact of crypto markets, despite the origins of digital currencies in circumventing centralized authorities. “There’s a tendency for central intermediaries to benefit from scale, network effects, and access to valuable data. Though technological innovations repeatedly disrupt incumbent business models, centralization still tends to reemerge,” Gensler said in remarks prepared for a virtual appearance at the Securities Industry and Financial Markets Association’s annual meeting in New York City. “We’ve even seen centralization in the crypto market, which was founded on the idea of decentralization," Gensler warned. "This field actually has significant concentration among intermediaries in the middle of the market.” Added the SEC chair: “Thus, we must remain vigilant to areas where concentration and potential economic rents have built up, or may do so in the future.” Gensler asked exchanges to come in and ask the securities regulator if they are unclear as to whether a cryptocurrency or token could be viewed as a security, and said the SEC could work on a case-by-case basis as to whether or not an exemption is needed to be made for a particular project.

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【SEC Chair Gary Gensler: SEC sees 'centralization' in crypto markets】According to The Block, the U.S. Securities and Exchange Commission Chair Gary Gensler doesn’t view decentralization as a fact of crypto markets, despite the origins of digital currencies in circumventing centralized authorities. “There’s a tendency for central intermediaries to benefit from scale, network effects, and access to valuable data. Though technological innovations repeatedly disrupt incumbent business models, centralization still tends to reemerge,” Gensler said in remarks prepared for a virtual appearance at the Securities Industry and Financial Markets Association’s annual meeting in New York City. “We’ve even seen centralization in the crypto market, which was founded on the idea of decentralization," Gensler warned. "This field actually has significant concentration among intermediaries in the middle of the market.” Added the SEC chair: “Thus, we must remain vigilant to areas where concentration and potential economic rents have built up, or may do so in the future.” Gensler asked exchanges to come in and ask the securities regulator if they are unclear as to whether a cryptocurrency or token could be viewed as a security, and said the SEC could work on a case-by-case basis as to whether or not an exemption is needed to be made for a particular project.

SEC Chair Gary Gensler: SEC sees 'centralization' in crypto markets

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