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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":836086354,"tweetId":"836086354","gmtCreate":1629437864478,"gmtModify":1633684815514,"author":{"id":3566449916340164,"idStr":"3566449916340164","authorId":3566449916340164,"authorIdStr":"3566449916340164","name":"russ1122","avatar":"https://static.tigerbbs.com/410e5ecfb4da8e3f85caaaf9808925f2","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":30,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>hi</body></html>","htmlText":"<html><head></head><body>hi</body></html>","text":"hi","highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/836086354","repostId":1193754229,"repostType":4,"repost":{"id":"1193754229","kind":"news","pubTimestamp":1629437781,"share":"https://www.laohu8.com/m/news/1193754229?lang=zh_CN&edition=full","pubTime":"2021-08-20 13:36","market":"us","language":"en","title":"Crypto’s ‘DeFi’ Projects Aren’t Immune to Regulation, SEC’s Gensler Says<blockquote>SEC的Gensler表示，加密货币的“DeFi”项目也不能免受监管</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193754229","media":"The Wall Street Journal","summary":"Some peer-to-peer trading and lending projects have features that may trigger the need for regulatio","content":"Some peer-to-peer trading and lending projects have features that may trigger the need for regulation, chairman says<blockquote>主席表示，一些点对点交易和借贷项目具有可能引发监管需求的特征</blockquote> <img src=\"https://static.tigerbbs.com/814b3d511b6a3f41937f1170da85753d\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\">Gary Gensler, a longtime policy maker and former banker at Goldman Sachs, took over as chairman of the SEC in April.<blockquote>长期政策制定者、高盛前银行家加里·詹斯勒(Gary Gensler)于4月接任SEC主席。</blockquote> WASHINGTON—A new breed of digital asset exchanges is potentially the holy grail for cryptocurrencies: online places for people to trade and lend that purportedly involve no middleman setting the rules or taking fees.<blockquote>华盛顿——一种新型数字资产交易所可能是加密货币的圣杯：人们交易和借贷的在线场所，据称不涉及中间人制定规则或收取费用。</blockquote> But these peer-to-peer networks, so far completely unregulated in the U.S., may not be immune from oversight, said Gary Gensler, chairman of the Securities and Exchange Commission. Some decentralized finance projects, known as DeFi, have features that make them look like the types of entities the SEC oversees, Mr. Gensler said in an interview Wednesday.<blockquote>但美国证券交易委员会（Securities and Exchange Commission）主席加里·詹斯勒（Gary Gensler）表示，这些迄今为止在美国完全不受监管的点对点网络可能也无法免受监管。詹斯勒在周三接受采访时表示，一些被称为DeFi的去中心化金融项目具有使它们看起来像SEC监管的实体类型的功能。</blockquote> DeFi developers write software that automates transactions and say they then step away from the project, allowing it to operate with no central entity in charge. They argue that such decentralization defeats the need for oversight by the SEC,which has said that some cryptocurrencies, such as bitcoin and ether, are sufficiently decentralized to avoid regulation.<blockquote>DeFi开发人员编写自动化交易的软件，然后表示他们将离开该项目，允许它在没有中央实体负责的情况下运行。他们认为，这种去中心化消除了美国证券交易委员会监管的需要，美国证券交易委员会曾表示，比特币和以太等一些加密货币已经足够去中心化，可以避免监管。</blockquote> But Mr. Gensler, who took over in April, said projects that reward participants with valuable digital tokens or similar incentives could cross a line into activity that should be regulated, no matter how “decentralized” they say they are.<blockquote>但四月份接任的詹斯勒表示，用有价值的数字代币或类似激励措施奖励参与者的项目可能会越界进入应该受到监管的活动，无论他们说自己有多“去中心化”。</blockquote> “There’s still a core group of folks that are not only writing the software, like the open source software, but they often have governance and fees,” Mr. Gensler said. “There’s some incentive structure for those promoters and sponsors in the middle of this.”<blockquote>“仍然有一个核心群体不仅编写软件，比如开源软件，而且他们通常有治理和费用，”詹斯勒先生说。“在此过程中，有一些针对发起人和赞助商的激励结构。”</blockquote> The SEC under Mr. Gensler has doubled down on an effort, started several years ago, to look for cryptocurrency projects that are offering investments that should be regulated. In the past, that strategy has leaned heavily on enforcement actions that target digital-asset issuers or exchanges on a one-by-one basis.<blockquote>詹斯勒领导下的美国证券交易委员会（SEC）从几年前开始加倍努力，寻找提供应受监管投资的加密货币项目。过去，这一策略在很大程度上依赖于针对数字资产发行人或交易所的执法行动。</blockquote> Mr. Gensler, a longtime policy maker and former banker at Goldman Sachs Group Inc., two weeks ago promised a vigorous attack on fraud and misconduct in the market. He also said he would ask Congress to help legislate a solution to fill regulatory gaps, such as cases in which some digital assets don’t fall neatly into an existing regulatory framework.<blockquote>长期担任政策制定者、高盛集团（Goldman Sachs Group Inc.）前银行家的詹斯勒两周前承诺，将大力打击市场上的欺诈和不当行为。他还表示，他将要求国会帮助立法解决方案，以填补监管空白，例如一些数字资产不完全符合现有监管框架的情况。</blockquote> A variety of DeFi platforms have popped up, with&nbsp;some rivaling the trading volumes&nbsp;of more established centralized cryptocurrency exchanges.<blockquote>各种DeFi平台应运而生，其中一些平台的交易量可与更成熟的中心化加密货币交易所相媲美。</blockquote> Unlike conventional crypto exchanges, DeFi apps don’t require users to hand their digital tokens to an exchange to be able to trade. That appeals to traders worried about losing their assets to hackers who steal digital coins from exchanges. There is also no central authority deciding who is allowed to trade, or what tokens can be traded.<blockquote>与传统的加密货币交易所不同，DeFi应用程序不需要用户将数字代币交给交易所即可进行交易。这对担心资产被从交易所窃取数字硬币的黑客损失的交易者很有吸引力。也没有中央机构决定谁可以交易，或者什么代币可以交易。</blockquote> DeFi projects generally don’t have safeguards against money laundering, or “know your customer” measures in which an exchange confirms the identity of traders using the platform. That also could raise red flags for authorities.<blockquote>DeFi项目通常没有反洗钱的保护措施，也没有“了解你的客户”措施，即交易所确认使用该平台的交易者的身份。这也可能给当局带来危险信号。</blockquote> The SEC earlier this month brought its first enforcement action against a DeFi firm, Blockchain Credit Partners, and two men who ran it.<blockquote>本月早些时候，美国证券交易委员会对一家DeFi公司Blockchain Credit Partners和两名运营该公司的人采取了首次执法行动。</blockquote> The project recruited investors to contribute their digital assets in exchange for a slice of income-generating car loans. The business was supposed to be decentralized because a separate “governance” token granted owners the right to make decisions about the business and share in the management company’s profits.<blockquote>该项目招募投资者贡献他们的数字资产，以换取一部分创收汽车贷款。业务应该是分散的，因为一个单独的“治理”令牌赋予所有者对业务做出决策和分享管理公司利润的权利。</blockquote> The SEC said the project’s creators misled investors about how the business worked and sold $30 million of digital tokens in violation of investor-protection laws.<blockquote>SEC表示，该项目的创建者在业务运作方式上误导了投资者，并违反了投资者保护法出售了3000万美元的数字代币。</blockquote> The term DeFi is “a bit of a misnomer,” Mr. Gensler said, speaking generally and not about the Blockchain Credit case. ”These platforms facilitate something that might be decentralized in some aspects but highly centralized in other aspects.”<blockquote>Gensler先生说，DeFi这个词“有点用词不当”，他是泛泛而谈，而不是针对区块链信用案例。这些平台促进了某些方面可能分散但在其他方面高度集中的事情。”</blockquote> Mr. Gensler said questions about how DeFi may be regulated recall a debate that occurred about 15 years ago over other peer-to-peer lending platforms. Lenders such as Prosper Marketplace Inc. and rival&nbsp;LendingClub&nbsp;Corp.&nbsp;lined up individual investors to fund small loans to consumers that the companies made in partnership with banks. Prosper, for instance, then sold interests in the loans in the form of promissory notes, with individual investors receiving interest payments as the loans were repaid. The company didn’t initially register the loans with the SEC, which in 2008 said they were securities.<blockquote>Gensler先生表示，有关如何监管DeFi的问题让人想起大约15年前发生的一场关于其他P2P借贷平台的辩论。Prosper Marketplace Inc.和竞争对手LendingClub Corp.等贷款机构安排个人投资者为这些公司与银行合作向消费者提供小额贷款提供资金。例如，Prosper随后以本票的形式出售贷款权益，个人投资者在贷款偿还时收到利息。该公司最初没有向美国证券交易委员会登记这些贷款，美国证券交易委员会在2008年表示这些贷款是证券。</blockquote> After an SEC investigation, Prosper agreed in 2008 to register the loans, which involved providing information to investors about the borrower’s creditworthiness. That same year, LendingClub agreed to do the same.<blockquote>经过SEC调查后，Prosper于2008年同意登记这些贷款，其中包括向投资者提供有关借款人信誉的信息。同年，LendingClub也同意这样做。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto’s ‘DeFi’ Projects Aren’t Immune to Regulation, SEC’s Gensler Says<blockquote>SEC的Gensler表示，加密货币的“DeFi”项目也不能免受监管</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto’s ‘DeFi’ Projects Aren’t Immune to Regulation, SEC’s Gensler Says<blockquote>SEC的Gensler表示，加密货币的“DeFi”项目也不能免受监管</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-08-20 13:36\n\n</h4>\n</header>\n<article>\nSome peer-to-peer trading and lending projects have features that may trigger the need for regulation, chairman says<blockquote>主席表示，一些点对点交易和借贷项目具有可能引发监管需求的特征</blockquote> <img src=\"https://static.tigerbbs.com/814b3d511b6a3f41937f1170da85753d\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\">Gary Gensler, a longtime policy maker and former banker at Goldman Sachs, took over as chairman of the SEC in April.<blockquote>长期政策制定者、高盛前银行家加里·詹斯勒(Gary Gensler)于4月接任SEC主席。</blockquote> WASHINGTON—A new breed of digital asset exchanges is potentially the holy grail for cryptocurrencies: online places for people to trade and lend that purportedly involve no middleman setting the rules or taking fees.<blockquote>华盛顿——一种新型数字资产交易所可能是加密货币的圣杯：人们交易和借贷的在线场所，据称不涉及中间人制定规则或收取费用。</blockquote> But these peer-to-peer networks, so far completely unregulated in the U.S., may not be immune from oversight, said Gary Gensler, chairman of the Securities and Exchange Commission. Some decentralized finance projects, known as DeFi, have features that make them look like the types of entities the SEC oversees, Mr. Gensler said in an interview Wednesday.<blockquote>但美国证券交易委员会（Securities and Exchange Commission）主席加里·詹斯勒（Gary Gensler）表示，这些迄今为止在美国完全不受监管的点对点网络可能也无法免受监管。詹斯勒在周三接受采访时表示，一些被称为DeFi的去中心化金融项目具有使它们看起来像SEC监管的实体类型的功能。</blockquote> DeFi developers write software that automates transactions and say they then step away from the project, allowing it to operate with no central entity in charge. They argue that such decentralization defeats the need for oversight by the SEC,which has said that some cryptocurrencies, such as bitcoin and ether, are sufficiently decentralized to avoid regulation.<blockquote>DeFi开发人员编写自动化交易的软件，然后表示他们将离开该项目，允许它在没有中央实体负责的情况下运行。他们认为，这种去中心化消除了美国证券交易委员会监管的需要，美国证券交易委员会曾表示，比特币和以太等一些加密货币已经足够去中心化，可以避免监管。</blockquote> But Mr. Gensler, who took over in April, said projects that reward participants with valuable digital tokens or similar incentives could cross a line into activity that should be regulated, no matter how “decentralized” they say they are.<blockquote>但四月份接任的詹斯勒表示，用有价值的数字代币或类似激励措施奖励参与者的项目可能会越界进入应该受到监管的活动，无论他们说自己有多“去中心化”。</blockquote> “There’s still a core group of folks that are not only writing the software, like the open source software, but they often have governance and fees,” Mr. Gensler said. “There’s some incentive structure for those promoters and sponsors in the middle of this.”<blockquote>“仍然有一个核心群体不仅编写软件，比如开源软件，而且他们通常有治理和费用，”詹斯勒先生说。“在此过程中，有一些针对发起人和赞助商的激励结构。”</blockquote> The SEC under Mr. Gensler has doubled down on an effort, started several years ago, to look for cryptocurrency projects that are offering investments that should be regulated. In the past, that strategy has leaned heavily on enforcement actions that target digital-asset issuers or exchanges on a one-by-one basis.<blockquote>詹斯勒领导下的美国证券交易委员会（SEC）从几年前开始加倍努力，寻找提供应受监管投资的加密货币项目。过去，这一策略在很大程度上依赖于针对数字资产发行人或交易所的执法行动。</blockquote> Mr. Gensler, a longtime policy maker and former banker at Goldman Sachs Group Inc., two weeks ago promised a vigorous attack on fraud and misconduct in the market. He also said he would ask Congress to help legislate a solution to fill regulatory gaps, such as cases in which some digital assets don’t fall neatly into an existing regulatory framework.<blockquote>长期担任政策制定者、高盛集团（Goldman Sachs Group Inc.）前银行家的詹斯勒两周前承诺，将大力打击市场上的欺诈和不当行为。他还表示，他将要求国会帮助立法解决方案，以填补监管空白，例如一些数字资产不完全符合现有监管框架的情况。</blockquote> A variety of DeFi platforms have popped up, with&nbsp;some rivaling the trading volumes&nbsp;of more established centralized cryptocurrency exchanges.<blockquote>各种DeFi平台应运而生，其中一些平台的交易量可与更成熟的中心化加密货币交易所相媲美。</blockquote> Unlike conventional crypto exchanges, DeFi apps don’t require users to hand their digital tokens to an exchange to be able to trade. That appeals to traders worried about losing their assets to hackers who steal digital coins from exchanges. There is also no central authority deciding who is allowed to trade, or what tokens can be traded.<blockquote>与传统的加密货币交易所不同，DeFi应用程序不需要用户将数字代币交给交易所即可进行交易。这对担心资产被从交易所窃取数字硬币的黑客损失的交易者很有吸引力。也没有中央机构决定谁可以交易，或者什么代币可以交易。</blockquote> DeFi projects generally don’t have safeguards against money laundering, or “know your customer” measures in which an exchange confirms the identity of traders using the platform. That also could raise red flags for authorities.<blockquote>DeFi项目通常没有反洗钱的保护措施，也没有“了解你的客户”措施，即交易所确认使用该平台的交易者的身份。这也可能给当局带来危险信号。</blockquote> The SEC earlier this month brought its first enforcement action against a DeFi firm, Blockchain Credit Partners, and two men who ran it.<blockquote>本月早些时候，美国证券交易委员会对一家DeFi公司Blockchain Credit Partners和两名运营该公司的人采取了首次执法行动。</blockquote> The project recruited investors to contribute their digital assets in exchange for a slice of income-generating car loans. The business was supposed to be decentralized because a separate “governance” token granted owners the right to make decisions about the business and share in the management company’s profits.<blockquote>该项目招募投资者贡献他们的数字资产，以换取一部分创收汽车贷款。业务应该是分散的，因为一个单独的“治理”令牌赋予所有者对业务做出决策和分享管理公司利润的权利。</blockquote> The SEC said the project’s creators misled investors about how the business worked and sold $30 million of digital tokens in violation of investor-protection laws.<blockquote>SEC表示，该项目的创建者在业务运作方式上误导了投资者，并违反了投资者保护法出售了3000万美元的数字代币。</blockquote> The term DeFi is “a bit of a misnomer,” Mr. Gensler said, speaking generally and not about the Blockchain Credit case. ”These platforms facilitate something that might be decentralized in some aspects but highly centralized in other aspects.”<blockquote>Gensler先生说，DeFi这个词“有点用词不当”，他是泛泛而谈，而不是针对区块链信用案例。这些平台促进了某些方面可能分散但在其他方面高度集中的事情。”</blockquote> Mr. Gensler said questions about how DeFi may be regulated recall a debate that occurred about 15 years ago over other peer-to-peer lending platforms. Lenders such as Prosper Marketplace Inc. and rival&nbsp;LendingClub&nbsp;Corp.&nbsp;lined up individual investors to fund small loans to consumers that the companies made in partnership with banks. Prosper, for instance, then sold interests in the loans in the form of promissory notes, with individual investors receiving interest payments as the loans were repaid. The company didn’t initially register the loans with the SEC, which in 2008 said they were securities.<blockquote>Gensler先生表示，有关如何监管DeFi的问题让人想起大约15年前发生的一场关于其他P2P借贷平台的辩论。Prosper Marketplace Inc.和竞争对手LendingClub Corp.等贷款机构安排个人投资者为这些公司与银行合作向消费者提供小额贷款提供资金。例如，Prosper随后以本票的形式出售贷款权益，个人投资者在贷款偿还时收到利息。该公司最初没有向美国证券交易委员会登记这些贷款，美国证券交易委员会在2008年表示这些贷款是证券。</blockquote> After an SEC investigation, Prosper agreed in 2008 to register the loans, which involved providing information to investors about the borrower’s creditworthiness. That same year, LendingClub agreed to do the same.<blockquote>经过SEC调查后，Prosper于2008年同意登记这些贷款，其中包括向投资者提供有关借款人信誉的信息。同年，LendingClub也同意这样做。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/cryptos-defi-projects-arent-immune-to-regulation-secs-gensler-says-11629365401?mod=hp_lista_pos2\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.wsj.com/articles/cryptos-defi-projects-arent-immune-to-regulation-secs-gensler-says-11629365401?mod=hp_lista_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193754229","content_text":"Some peer-to-peer trading and lending projects have features that may trigger the need for regulation, chairman says\nGary Gensler, a longtime policy maker and former banker at Goldman Sachs, took over as chairman of the SEC in April.\nWASHINGTON—A new breed of digital asset exchanges is potentially the holy grail for cryptocurrencies: online places for people to trade and lend that purportedly involve no middleman setting the rules or taking fees.\nBut these peer-to-peer networks, so far completely unregulated in the U.S., may not be immune from oversight, said Gary Gensler, chairman of the Securities and Exchange Commission. Some decentralized finance projects, known as DeFi, have features that make them look like the types of entities the SEC oversees, Mr. Gensler said in an interview Wednesday.\nDeFi developers write software that automates transactions and say they then step away from the project, allowing it to operate with no central entity in charge. They argue that such decentralization defeats the need for oversight by the SEC,which has said that some cryptocurrencies, such as bitcoin and ether, are sufficiently decentralized to avoid regulation.\nBut Mr. Gensler, who took over in April, said projects that reward participants with valuable digital tokens or similar incentives could cross a line into activity that should be regulated, no matter how “decentralized” they say they are.\n“There’s still a core group of folks that are not only writing the software, like the open source software, but they often have governance and fees,” Mr. Gensler said. “There’s some incentive structure for those promoters and sponsors in the middle of this.”\nThe SEC under Mr. Gensler has doubled down on an effort, started several years ago, to look for cryptocurrency projects that are offering investments that should be regulated. In the past, that strategy has leaned heavily on enforcement actions that target digital-asset issuers or exchanges on a one-by-one basis.\nMr. Gensler, a longtime policy maker and former banker at Goldman Sachs Group Inc., two weeks ago promised a vigorous attack on fraud and misconduct in the market. He also said he would ask Congress to help legislate a solution to fill regulatory gaps, such as cases in which some digital assets don’t fall neatly into an existing regulatory framework.\nA variety of DeFi platforms have popped up, with some rivaling the trading volumes of more established centralized cryptocurrency exchanges.\nUnlike conventional crypto exchanges, DeFi apps don’t require users to hand their digital tokens to an exchange to be able to trade. That appeals to traders worried about losing their assets to hackers who steal digital coins from exchanges. There is also no central authority deciding who is allowed to trade, or what tokens can be traded.\nDeFi projects generally don’t have safeguards against money laundering, or “know your customer” measures in which an exchange confirms the identity of traders using the platform. That also could raise red flags for authorities.\nThe SEC earlier this month brought its first enforcement action against a DeFi firm, Blockchain Credit Partners, and two men who ran it.\nThe project recruited investors to contribute their digital assets in exchange for a slice of income-generating car loans. The business was supposed to be decentralized because a separate “governance” token granted owners the right to make decisions about the business and share in the management company’s profits.\nThe SEC said the project’s creators misled investors about how the business worked and sold $30 million of digital tokens in violation of investor-protection laws.\nThe term DeFi is “a bit of a misnomer,” Mr. Gensler said, speaking generally and not about the Blockchain Credit case. ”These platforms facilitate something that might be decentralized in some aspects but highly centralized in other aspects.”\nMr. Gensler said questions about how DeFi may be regulated recall a debate that occurred about 15 years ago over other peer-to-peer lending platforms. Lenders such as Prosper Marketplace Inc. and rival LendingClub Corp. lined up individual investors to fund small loans to consumers that the companies made in partnership with banks. Prosper, for instance, then sold interests in the loans in the form of promissory notes, with individual investors receiving interest payments as the loans were repaid. The company didn’t initially register the loans with the SEC, which in 2008 said they were securities.\nAfter an SEC investigation, Prosper agreed in 2008 to register the loans, which involved providing information to investors about the borrower’s creditworthiness. That same year, LendingClub agreed to do the same.","news_type":1,"symbols_score_info":{"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9,"XBTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":435,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/836086354"}