US SEC Commissioner Hester Pierce has been talking about crypto-assets, bitcoin ETFs and DeFi a lot.

In a recent Forbes interview, she touches on some of the key questions that regulators face when deciding when and how securities laws apply to crypto-assets. Commissioner Pierce also touched on DeFi specifically: “Now, if you truly achieve decentralization, then I question whether it makes sense to apply the securities laws.”

She focuses on the issue of information asymmetry that is prevalent in a traditional corporate context, but which may be absent in DeFi. “If you really have a decentralized project, then there is no one who has a monopoly on information. At that point, who would even be providing the information? So that’s something we have to think about.”

Read the entire interview by Forbes’ Steven Ehrlich here.