#加密圆桌讨论 The recent discussion at the U.S. Securities and Exchange Commission (SEC) crypto roundtable marks a significant shift in the global DeFi regulatory paradigm.

Comparing code to 'self-driving cars', it is argued that developers, like car manufacturers, should not be held accountable for third-party abuse. This position addresses the long-standing 'Tornado Cash dilemma' in the DeFi space—where the developers of this protocol were prosecuted for money laundering charges in 2023, causing panic in the open-source community. If code liability exemptions are realized, it would greatly unleash innovative potential.

Citing the First Amendment of the U.S. Constitution, it is believed that code constitutes expressive speech. However, this viewpoint has limitations: financial code directly involves asset transfer, which may exceed the realm of pure speech. SEC Commissioner Crenshaw warned, 'When code performs financial functions, freedom of speech cannot be a shield to evade investor protection.'

When the Federal Reserve's real-time settlement system connects directly to DeFi protocols, regulation will be forced to choose between 'control efficiency' and 'empowerment risk.' And Atkins' declaration may just press the fast forward button for this silent revolution: 'We should not instinctively fear the future.'