Berkovitz is a well-known critic of DeFi
The appointment was announced Tuesday in a press release from SEC, along with news that the current general counsel, John Coates, will take a position at Harvard next month. Berkovitz previously announced on September 9 that he would step down from the CFTC next month. His term was originally scheduled to end in 2023.Berkovitz is a well-known critic of DeFi and has publicly expressed that decentralized finance or DeFi markets are problematic because there are no intermediaries. "There is no intermediary to monitor markets for fraud and manipulation, prevent money laundering, safeguard deposited funds, ensure counterparty performance, or make customers whole when processes fail," Berkovitz said in June.
SEC wants to tighten crypto market oversight
Berkovitz's appointment comes alongside Gensler's public comments about his desire to tighten SEC crypto market oversight. Last week, he said in an interview with Washington Post that he wants to bring cryptocurrencies "into the public policy framework."Gary Gensler has also urged crypto companies to register with regulators and asked crypto companies to "come in and talk to us," citing the likelihood of legal status on a case-by-case basis.
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