WebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • Markets
  • NFTs
  • Blockchain
  • Business
  • DeFi
  • Regulation
  • Policy
Facebook Twitter LinkedIn Telegram
WebsCryptoWebsCrypto
Crypto Prices
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • Markets
  • NFTs
  • Blockchain
  • Business
  • DeFi
  • Regulation
  • Policy
WebsCrypto
WebsCrypto—Markets—Gary Gensler: The Cryptocurrency Market Will Become Centralized
Markets

Gary Gensler: The Cryptocurrency Market Will Become Centralized

By Simon LawsonOctober 25, 20221 Min Read
Gary Gensler: The Cryptocurrency Market Will Become Centralized
Facebook Twitter Telegram LinkedIn Reddit Email

SEC Chairman Gary Gensler does not see decentralization as a fact of the cryptocurrency market, despite the fact that digital currencies originated as an attempt to circumvent centralization.

Central intermediaries tend to benefit from scale, network effects and access to valuable data, Gensler said. Centralization tends to re-emerge even as technological innovation continues to disrupt existing business models.

Gensler warns:” We are even seeing centralization in the crypto market, which is built on the idea of decentralization. This area is actually very concentrated among the intermediaries in the middle of the market. Therefore, we must be wary of those areas where concentration and potential economic rents have risen or may rise in the future.”

Gensler asked exchanges to step in and ask securities regulators if they were unclear whether a cryptocurrency or token could be considered a security, and said the SEC could study on a case-by-case basis whether exemptions for specific items are required.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Business Crypto Cryptocurrency Exchange Market Policy
Related News

Venezuelan Regulators Shut Down Cryptocurrency Exchanges, Mining Farms

Dogecoin Foundation Releases Major Update to Libdogecoin Toolkit, Supports BIP-39 Seeds and QR Code Generation

Billionaire Tim Draper: Companies Should Hold Bitcoin After SVB Bankruptcy

Circle CEO Warns of Market Anxiety Over ‘Aggressive Regulatory Action’ in US

Mysten Labs Buys Back Equity and Token Warrants from FTX Assets for $96M

Report: Metaverse’s NFT transaction volume reached US$311 million in the first quarter

The Latest
News March 26, 2023
Venezuelan Regulators Shut Down Cryptocurrency Exchanges, Mining Farms
News March 26, 2023
The Y00ts NFT Project Will Be Migrated to Polygon on March 27
News March 26, 2023
Dogecoin Foundation Releases Major Update to Libdogecoin Toolkit, Supports BIP-39 Seeds and QR Code Generation
News March 26, 2023
Billionaire Tim Draper: Companies Should Hold Bitcoin After SVB Bankruptcy
Markets March 24, 2023
Circle CEO Warns of Market Anxiety Over ‘Aggressive Regulatory Action’ in US
Block 3000

WebsCrypto contains crypto news about cryptocurrencies, bitcoin, ethereum, altcoins and more.

Facebook Twitter Instagram LinkedIn Telegram RSS
News
  • Markets
  • Business
Information
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Services
  • About Us
  • Contact Us
  • Advertise
© 2023 WebsCrypto.
  • Privacy Policy
  • Terms of Service

Type above and press Enter to search. Press Esc to cancel.