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U.S. SEC Moves Toward DeFi Oversight

The US Securities and Exchange Commission (SEC) may be coming for decentralized finance (DeFi) as it reopened a proposal from last year that would now explicitly target platforms for crypto transactions as exchanges that need to be regulated. The SEC proposed expanding the definition of the word "exchange" in January 2022 to capture a broader area of trading activity in the US. At the time, the Agency said in its proposed rulemaking that certain firms engaging in trading activity were not regulated. Gary Gensler contends that most crypto firms are already operating as unregistered securities exchanges.

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