👀 In a new discussion session for the SEC (U.S. Securities and Exchange Commission), they talked about decentralized finance (DeFi), programming, and regulation, and there were some very heavy statements!
🔸 Chairwoman Atkins said that engineers shouldn't be held responsible for others' use of the programs they develop.
🔸 Hester Peirce said that programming is a form of free speech and is protected by the First Amendment of the U.S. Constitution.
🔸 And Erik Voorhees said that smart contracts are better than human regulators!
🎯 Some people said that decentralization is not chaos; on the contrary… it is transparent and easy to track, and the user is the one in control.
The question here is whether we should hold DeFi developers accountable like open-source programmers or treat them like traditional financial intermediaries? 🤔
Those who develop DeFi protocols or open-source code and have no direct control over the money shouldn't be treated like banks or intermediaries.
Just as we say that words have freedom of expression, so does code.
But that doesn’t mean we leave the door open for fraud; there must be regulation that understands the nature of blockchain and is realistic, not trying to apply laws from the 1930s to a technology in 2025.
💡 Regulation needs to evolve, not shut down the field; we must find a balance between innovation and protection.
And importantly… we shouldn't make developers scapegoats for someone else's misuse of the code.
