SEC boss says DeFi platforms are ‘highly centralized’ and will need to register

Gary Gensler, chairman of the United States Securities and Exchange Commission, stated that decentralized finance (DeFi) is highly centralized in certain aspects and urged projects working in the sector to register with the SEC. Speaking to The Wall Street Journal on Thursday, Gensler suggested that the decentralized notions implied by the term DeFi were “a bit of a misnomer,” adding: While DeFi projects are designed to be autonomous platforms that operate without a centralized authority, Gensler asserted that many are developed and controlled by a centralized team that is incentivized to promote its platforms.