#CryptoRoundTableRemarks

The SEC’s roundtable raised key questions. DeFi devs write code, not contracts—so they should be protected like open-source builders, not treated as intermediaries unless they exert control over user funds or protocols. Regulation must evolve to distinguish between protocol creators and operators. Blanket enforcement risks stifling innovation. A balanced approach—like safe harbor provisions for devs and clear rules for front-ends or governance participants—can foster growth without compromising investor protection. As finance becomes code-driven, nuance matters more than ever