SEC's Expanded Oversight Sparks Concern Among Bitcoin and DeFi Advocates

The SEC has passed new rules expanding its reach to include crypto transactions, requiring individuals trading crypto assets with assets exceeding $50 million to register as dealers or government securities dealers. Peter Schiff, a vocal Bitcoin critic, strongly opposes the move, arguing that the SEC lacks the authority to redefine terms without explicit congressional authorization and predicting negative consequences such as higher trading costs and reduced liquidity. The clash between regulatory oversight and the principles of decentralization and autonomy within the cryptocurrency ecosystem is likely to intensify as the SEC's new rules come into effect.