Below is a summary and analysis of the recent SEC cryptocurrency roundtable discussion (highlight: 'DeFi and the American Spirit' held on June 9, 2025) 📋
1. Overview of Activities
Date: June 9, 2025
Theme: DeFi and its relation to the American spirit
Chair: SEC Crypto Task Force
Key figures: SEC Chairman Paul Atkins, Commissioner Caroline Crenshaw, Hester Peirce, etc.
2. Core Discussion Topics
🔹 The essence and value of Decentralized Finance (DeFi)
Atkins emphasized that blockchain embodies the 'economic freedom, private property, self-custody' of the American spirit.
Caroline Crenshaw pointed out that DeFi faces significant structural regulatory issues that need to be resolved through formal regulations and hearing processes.
🔹 Three key focus areas: activities, disclosures, risk identification
The focus of the discussion shifted from technologists to activities (on-chain & off-chain), particularly regarding off-chain agreements related to protocols and potential manipulation.
Proposed disclosures for off-chain agreements and potential market distortions caused by single agreements.
Identified three major risks: cybersecurity, systemic governance risks, and illegal financial activity risks.
🔹 Blockchain modularization & control point identification
Jill Gunter (Espresso Systems) pointed out that regulation should focus on which nodes have control and which do not, especially in modular blockchain designs.
3. SEC's Response and Future Directions
✔️ Promoting the 'Innovation Exemption Framework'
Atkins directs the SEC to analyze the feasibility of innovation exemptions, allowing compliant entities to test products and services in the innovation space.
✔️ Supplementing current uncertainties through formal regulations
Caroline Crenshaw noted that DeFi is 'complex and cannot be rushed,' requiring a complete regulatory process with public consultations and open opinions.
Indicates that the SEC is shifting from an enforcement-driven approach to a long-term strategy driven by **rule-making**.
4. Market and Industry Observations
The discussion also covered real-time market reactions of important DeFi tokens (such as UNI, AAVE, COMP).
According to DeFiLlama, the total locked value in DeFi has reached $80 billion (as of June 10, 2025).
✅ Summary of Key Points
Consensus:
The SEC is viewing DeFi as a key area that combines the 'American spirit' with technological innovation.
All parties unanimously called for increased disclosure and risk monitoring of off-chain activities.
Divergence:
Some viewpoints lean towards pragmatic innovation exemption policies, while others argue for rigorous regulatory procedures.
Future Directions:
The SEC will attempt to establish an 'innovation exemption' framework to assist projects in compliance testing.
In the long term, formal rule-making procedures will be initiated to jointly define the regulatory boundaries of DeFi with the industry.
