Unchained Unconfirmed: How SEC Chair Gary Gensler's Views on Crypto Have Changed Since His MIT Days - Ep.275
Sep 24, 2021
Nik De, Managing Editor for Global Policy and Regulation at CoinDesk, shares his expertise on the evolving crypto regulatory landscape. He discusses SEC Chair Gary Gensler's shift in stance on stablecoins and DeFi, emphasizing rising tensions with Coinbase over its Lending product. Nik explores what it would take for crypto exchanges to comply with SEC regulations and the ongoing challenges in classifying stablecoins. He also sheds light on the implications of upcoming regulatory developments, especially as fiscal year-end approaches.
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Gensler's Changed Views
- Gary Gensler's views on crypto seem less optimistic than during his MIT lectures.
- He now implies some cryptocurrencies might not last, contrasting his previous "change catalyst" view.
Drivers of Gensler's Regulatory Focus
- Stablecoins and DeFi are driving Gensler's escalated regulatory rhetoric.
- He's casting a wide net, potentially targeting specific issues like stablecoin regulation and exchange registration.
Crypto Exchange Regulation
- U.S. crypto exchanges primarily operate under state-level money transmission licenses, lacking a federal regulator for spot trading.
- Gensler suggests the SEC might be the appropriate regulator, especially for exchanges listing numerous tokens he deems securities.