《SEC Releases DeFi Regulatory Dividends: Three Key Policies Ignite a New Wave of Crypto》
Three "Wealth Codes" Launch DeFi Summer 2.0
The speech by the new chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, at the 'DeFi and the American Spirit' conference has sparked a strong market reaction. Binance founder CZ declared 'June 9 as DeFi Day,' and the industry widely anticipates a new round of 'DeFi Summer' is on the horizon. Unlike the rampant growth in a regulatory vacuum in 2020, this new policy aims to build a more compliant and sustainable DeFi ecosystem.
Market Response: DeFi Sector Rises Broadly
Core Protocols: Aave (AAVE), Uniswap (UNI) up over 13%
Infrastructure: Chainlink (LINK) up 6%
Niche Tracks: Jito (JITOSOL), Ondo Finance (ONDO) up over 5%
Data confirms the direct impact of the three core policy directions on the market.
Wealth Code One: Code Neutrality Principle
Atkins clearly analogized: 'Self-driving developers should not be held responsible for third-party abuses,' establishing a regulatory stance of 'code as a tool,' overturning the joint liability on developers from the Gensler era.
Affected Areas:
Public Chain/Layer2 Infrastructure Valuation Repair
Compliance Pressure Relief for Privacy Protocols (e.g., Tornado Cash-type projects)
Lower Innovation Costs for Open Source Developer Ecosystems
Wealth Code Two: Recognition of Self-Custody Rights
The statement that 'the right to self-manage property is a fundamental right' formally acknowledges the legality of self-custody, clearing obstacles for on-chain financial activities.
Benefiting Tracks:
Liquid Staking (Lido and other LSD protocols)
Re-staking (EigenLayer and other Restaking projects)
Wallet Service Providers (Re-evaluation of Entry Value)
Wealth Code Three: Innovation Exemption Framework
The SEC establishes a 'sandbox mechanism' allowing emerging projects to experiment under constraints like anti-fraud, avoiding the stifling of innovation by lagging regulation.
Key Directions:
Tokenization of Real World Assets (RWA)
Decentralized Social/Identity Protocols
Systemic Risk in VC Early Investment Declines
Outlook: From Grassroots Festivities to Institutional Participation
The new policy marks a shift in regulation from 'Enforcement First' to 'Guiding Development,' laying the groundwork for DeFi 2.0:
Short-term: Re-evaluation of Blue Chip Protocol Values
Long-term: Opening Up of Wall Street Capital Entry Channels, Compliance RWA, On-chain Derivatives, and other tracks may become new explosion points
