SEC spokesman Caroline Crenshaw believes that many services in the decentralized finance industry are similar to products in the traditional financial market.
Commissioner of the US Securities and Exchange Commission (SEC) Caroline Crenshaw released a statement in which she described her vision of regulating the decentralized finance market and called on DeFi projects (financial instruments in the form of services and applications created on the blockchain) to cooperate.
Crenshaw claims that many DeFi projects are similar to products in the traditional financial market, but none of the services has yet been registered with the regulator. Because of this, users are left without protection of their savings, the SEC spokesman added.
Crenshaw urged DeFi operators to contact FinHub, the regulator’s expert advice, to help determine their legal status. According to Crenshaw, the advisory board has never refused to help projects related to finance.
In late August, SEC entered into a partnership agreement with the analytical AnChain.AI platform for monitoring decentralized finance industry. Using the service, the regulator monitors suspicious transactions that go through DeFi projects.
In early August, the head of the SEC, Gary Gensler, announced the need to regulate the DeFi sphere. Decentralized exchanges can be considered as mutual funds, which will allow the SEC to regulate their activities, said the head of the regulator.