SEC chairman Gary Gensler stated that DeFi is highly centralized in certain aspects as they are developed by a “core group of folks” who are incentivized to promote their platforms. Therefore, he urged DeFi projects to register with the SEC. In addition, Gensler has also identified several crypto policy changes that are being examined by the SEC, including matters concerning DeFi, lending platforms, token offerings, stablecoins, exchange-traded funds and custody.