SEC Chairman: DeFi can submit “new developments”, but it must be respected.

Golden Financial reported that the head of the United States Securities and Exchange Commission (SEC), Gary Gensler, thinks DeFi could offer an "innovation", but believes that the company could not survive without its management. “The new developments around DeFi may be real, but they will not go beyond politics,” Gensler said at the Digital Asset Compliance and Market Integrity Summit. Gensler also shared his thoughts on some DeFi projects. The objective of these campaigns can go beyond the existing financial protection policy. In response to authorities' refusal to approve Bitcoin spot ETFs, Gensler said the global market does not fall under US registration rules. Gensler recalls that solid coins are reminiscent of poker chips in casinos. Stablecoins not only improve the ecosystem, but also help people around the world to avoid money laundering and comply with taxes in one order.