DeFi critic Dan Berkowitz to become SEC general counsel

DeFi critic Dan Berkowitz to become SEC general counsel

Futures Trading Commission (CFTC) commissioner Dan Berkowitz will take over as general counsel to the SEC on November this is announced in a press release.

John Coates, the agency's current general counsel, will leave the post next month to return to teaching at Harvard University.

Berkowitz announced his departure from the CFTC in early September. His term was originally expected to end at the end of 2023.

Earlier, Dan Berkowitz expressed the opinion that DeFi derivatives trading platforms could violate the "Commodity Exchange Act" of the United States.

The official is convinced that intermediaries play a key role in the current financial system. In his view, they provide critical services and are responsible for customer funds.

Recall that SEC chief Gary Gensler has previously stated the need for a "regulatory framework" for the crypto industry. He recently compared Stablecoin to poker chips.

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