The conversation at the SEC roundtable is a welcome recognition of the importance and complexity of DeFi. The key to effective regulation is not trying to fit a round peg into a square hole, but understanding the new characteristics of code and decentralization. Regulation should be principle-based, technologically neutral, focused on systemic risks and consumer protection at points of interaction with the traditional system, and should encourage compliance through collaboration and clarity, rather than stifling innovation. Accountability should be proportional to the degree of control and intermediation that an entity exerts over a protocol, not just for having written code.