The U.S. Securities and Exchange Commissioner, Hester Peirce says while defi tokens carry some equity-like benefits, she believes that giving something away is distinct from selling something. As a result of this lack of clarity, Peirce says questions about the regulatory structure and how these tokens could affect corporate governance will continue to linger.
Speaking at the LA Blockchain Summit, the Commissioner’s remarks, which Peirce says represent her personal views, were made in response to the question of treating governance tokens that are used by many decentralized finance (defi) platforms as securities.
Instead, Peirce suggests that “people should come to talk to the SEC about how they intend to distribute tokens” although she cautions that “there are other people on the commission who might look at the same facts and circumstances differently than I do.”
Indeed, over the course of the year, U.S. regulators, including the SEC have pursued individuals and