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Today’s Cryptocurrency Headline

In an interview with the Wall Street Journal, Securities and Exchange Commission (SEC) Chairman Gary Gensler said the DeFi projects could be subject to SEC oversight. Gary Gensler said DeFi developers create softwares to automate the transaction, allowing it to run without a central entity responsible. No matter how decentralized the project claims to be, there is the practice of rewarding participants such as the development team and sponsors with valuable tokens or similar incentives.

These actions should be regulated by the SEC because some DeFi platforms are comparable to peer-to-peer lending platforms regulated by the SEC in the US. As previously reported, Gensler said in his remarks that cryptocurrency exchanges, lending platforms, DeFi platforms, stablecoin and others may all be subject to SEC regulation under U.S. securities laws.

Bingbon’s Bitcoin Chart

Source: TradingView& Bingbon

Bitcoin witnessed a tough fight between the bulls and the bears near $45,500 for the past few days. Aggressive buying power at the $45,500 pushed BTC back above the $48,500 level on Aug 21. The rising strength near the overbought territory indicates that bulls are controlling the market now. If buyers keep the price above $47,300, BTC could pick up the upside momentum trend and rally to $52,000 where the bears may again form a tough resistance.