#CryptoRoundTableRemarks In the latest discussion session organized by the U.S. Securities and Exchange Commission (SEC) on digital currencies, a deep discussion was held regarding decentralized finance (DeFi) and the responsibilities of developers in this field.
The highlights of the discussion:
Chair of the U.S. Securities and Exchange Commission, Atkin: emphasized that holding engineers responsible for how others use their software is neither logical nor fair.
Hester Peirce (Commissioner): emphasized that programming is a form of expression constitutionally protected under the First Amendment.
Erik Voorhees (Cryptocurrency Entrepreneur): described smart contracts as a natural evolution that surpasses the performance of human regulators.
While other participants pointed out that decentralization is not synonymous with chaos, it offers a transparent, predictable model that empowers users to make decisions.
💬 The fundamental question:
Should DeFi developers be viewed as open-source software developers - that is, as creators who do not bear the consequences of the misuse of their products? Or should they be held accountable like financial intermediaries due to the direct financial impact on users?
🔍 Points for review:
On one hand, programming is a neutral tool, and developers may not have control over how the codes they write are used.
On the other hand, some developers go beyond just writing code to operate platforms, promote them, and even directly control users' funds.
✨ How can regulation evolve?
What is needed is a clear distinction between who writes the code and who manages the service. It is not fair to subject everyone to the same regulations.
A flexible regulatory system can be developed based on the level of control: the more control an entity has over the system, the greater its responsibility.
The focus should be on transparency and disclosure rather than imposing restrictions that may hinder innovation.
🔸 Summary:
Decentralized finance presents a new equation: how do we balance programming freedom with user protection?
The solution may lie in protecting software developers as a form of freedom of expression, but holding accountable those who act as actual financial intermediaries.