#CryptoRoundTableRemarks The latest SEC crypto roundtable highlighted the growing tension between innovation and accountability in decentralized finance (DeFi). Here’s my take on the key issues:

1. DeFi Devs: Builders or Intermediaries?

DeFi developers straddle a complex line. On one hand, they write open-source code — a protected form of speech and innovation. On the other, that code often powers platforms facilitating billions in financial transactions. The moment a dev exercises control (e.g., through admin keys or protocol governance), the case for treating them as financial intermediaries strengthens. But blanket liability for all devs would chill innovation and unfairly target contributors to decentralized, uncontrolled protocols.