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