Crypto DeFi Exchanges Face Scrutiny Under SEC Chief Gary Gensler – Bloomberg

The SEC says the re-upped proposal would capture an additional small number of digital asset firms, about a dozen, whose platforms use certain communication protocols to match buyers and sellers. Many of the newly-covered platforms under the proposal would likely seek an exemption from the rules under the Alternative Trading System exemption, SEC top economist Jessica Wachter said during the Friday meeting.

The agency says that its current rules already cover larger exchanges that trade tokens the SEC deems to be securities.

Hester Peirce, one of the SEC’s two Republican commissioners, said during a Friday meeting that the proposal would only serve to protect incumbent players and described the agency as “uninterested in facilitating innovation and competition in the financial markets.”

Source: Crypto DeFi Exchanges Face Scrutiny Under SEC Chief Gary Gensler – Bloomberg