The Crypto Industry is Not Decentralized: SEC Chairman
Gary Gensler said that crypto exchanges are developing network effects that make them highly dominant players, like in other financial markets. Gary Gensler – chairman of the Securities and Exchange Commission (SEC) – said on Monday that crypto markets are, ironically, not decentralized.
According to the chairman’s prepared remarks at the Securities Industry and Financial Markets Association’s annual meeting, central intermediaries in financial markets tend to benefit from “scale, network effects, and access to valuable data.”. As the chairman noted, merely four asset managers in the U.S. now control over 80% of total assets held in U.S.registered investment company index funds. Equity market makers responsible for handling retail market orders are also trending towards centralization.
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