@Benerci 25 October 2022 more from that month

SEC Chair Gensler Says Crypto Is Centralized Despite Founding Principles Crypto may have been "founded on the idea of decentralization," says Gensler, but that hasn't stopped centralization from emerging in the market. Gary Gensler, chair of the Securities and Exchange Commission, took yet another shot at the crypto industry in a speech Monday, critiquing what he perceives to be the disproportionate power wielded in the sector by centralized cryptocurrency exchanges. Gensler’s comments, made on Monday before the annual meeting of the Securities Industry and Financial Markets Association—a prominent trade group representing securities firms, banks, and asset managers—focused primarily on promoting competition among equity market makers. But the SEC chair, while cautioning about the danger of centralization in traditional finance, also made a point to take a passing swipe at the crypto industry. “We’ve even seen centralization in the crypto market, which was founded on the idea of decentralization,” Gensler said. “This field actually has significant concentration among intermediaries in the middle of the market.” #SEC #GarryGensler #crypto #market