The United States Securities and Exchange Commission’s chairperson Gary Gensler announced this month that the crypto industry should not escape the purview of the regulator. He highlighted that decentralized finance (DeFi) trading and lending protocols need particular attention when it comes to investor protections.
Regulation can extend into a menu of options that covers custody, reporting, counterparty verification and asset classification and issuance. Reports are surfacing that people are waiting with bated breath on how the SEC will regulate the DeFi industry, but Germany's Federal Financial Supervisory Authority, also known as BaFin, has found a way to apply existing securities law to the crypto sector.
Philipp Pieper is a co-founder of Swarm Markets as well as the Swarm Network, an open-source project and DAO. Philipp also co-founded Proximic (acquired by comScore (NASDAQ:SCOR)), Loop Media and Bitadel Crypto Trading. Philipp has been engaged in decentralized technologies and crypto-asset trading since 2015. He is also a startup investor and mentor at Singularity University and StartX. He is a member of the AIMA blockchain committee and Digital Currency Trade Association (DCTA).