#CryptoRoundTableRemarks

*Code vs. Regulation – What's Next for DeFi?*

At a recent SEC crypto roundtable, key figures debated the future of decentralized finance (DeFi), the role of code, and evolving regulation.

A central question emerged: Should DeFi developers be protected like open-source builders or held accountable as financial intermediaries?

SEC Chair Paul Atkins suggested "engineers shouldn't be responsible for how others use their code," echoed by Commissioner Hester Peirce, who stated, "code is protected speech." Proponents argue DeFi's transparency and immutability offer a superior, automated financial system.

However, DeFi protocols enable real financial services, raising accountability concerns. If code acts as a financial intermediary, should developers bear similar responsibilities to banks?

Current regulations often assume centralized entities, posing a challenge for a code-driven world. Issues like security audits, interface responsibility, and the role of DAOs were discussed.

The takeaway is a need for flexible regulation that balances innovation with investor protection. Future frameworks must understand blockchain's unique nature, focusing on code security and potentially new forms of collective accountability, while fostering global regulatory harmonization.