DeFi developers possess both technological innovation and financial service attributes, and their responsibilities need to balance innovation incentives with risk prevention. Code, as a medium of expression, should be protected by the Constitution; however, if developers are aware that their protocols are being used for fraud or market manipulation and still take no action, they should bear corresponding responsibilities. Regulation should shift to a model of 'protocol transparency + accountability for actions': requiring key smart contracts to undergo security audits and disclose parameters, while accurately targeting malicious use of protocols instead of simply holding developers accountable. Future regulation needs to establish mechanisms for code registration, risk warning, and cross-chain tracking to achieve a dynamic balance between technological innovation and financial stability.