#CryptoRoundTableRemarks At the event “DeFi and the American Spirit” on June 9, 2025, authorities and experts offered key insights on the regulatory future of the decentralized ecosystem.

SEC Chairman, Paul Atkins, proposed an “innovation exemption” for DeFi platforms, advocating that software developers should not be penalized for using their code, and emphasized the importance of the public maintaining self-custody of assets .

Commissioner Hester Peirce stated that code is expression protected by the First Amendment, although she warned that “centralized entities cannot evade regulation by pretending to be decentralized” .

From the industry's perspective, Erik Voorhees considered smart contracts a superior advancement over human regulation, while others emphasized the need for transparency in external (off-chain) agreements and management of operational and cyber risks .

Overall, the debate revolved around how to regulate DeFi activities, not software, balancing innovation with responsibility and investor protection.