$ETH

The recent SEC roundtable highlighted the urgent issue of DeFi regulation. SEC Chair Gensler's statement that "engineers should not be held responsible for how others use their code" underscores an important distinction between creating a tool and its application. This is reminiscent of the open-source software situation — after all, no one blames the authors of ZIP files for their use in phishing.

Hester Peirce rightly reminded: "Code is a form of speech, protected by the First Amendment." In the world of Web3, smart contracts are becoming not just lines of code, but a new form of trust between people and machines. Erik Voorhees accurately noted: "smart contracts are a step forward compared to human regulators." They are transparent, predictable, and not susceptible to corruption.

Personally, I believe that DeFi developers should not bear legal responsibility as financial intermediaries if they do not directly manage users' assets. However, the rules must evolve: new legal frameworks need to be created where openness and decentralization coexist with responsibility, without stifling innovation.

DeFi is built on $ETH —the world is already changing.