#加密圆桌讨论

In the discussions of the SEC's Crypto Roundtable, the core controversy lies in the boundaries of responsibility for DeFi developers and the adaptability of regulatory frameworks. Supporters argue that code should be protected under the First Amendment, and developers should not be held liable for third-party misuse (as per the views of Atkins and Peirce), while regulators emphasize that financial activities must have clearly defined responsible parties (as outlined in the IOSCO framework). The transparency and automation of smart contracts can enhance efficiency (as mentioned by Voorhees) but also expose vulnerabilities and governance rigidity. Future regulation needs to balance innovation and safety: through categorical exemptions (distinguishing between security and non-security tokens), on-chain compliance tools (auditable smart contract modules), and sandbox mechanisms, achieving a paradigm shift from 'institutional regulation' to 'protocol regulation.' The key principles should be to protect neutral developers, hold actual controllers accountable, while avoiding excessive centralized interference that stifles technological potential. #TradersLeague #TradersLeagueS02 $ETH