On June 9, the U.S. Securities and Exchange Commission (SEC) held its fifth roundtable meeting on "DeFi and the American Spirit." During this meeting, SEC Chairman Paul Atkins announced a shift from the previous enforcement-based regulatory model to a new model centered on regulatory sandboxes, clear rules, and compliance incentives. The focus includes supporting DeFi innovation, legalizing staking, promoting innovation exemptions, and protecting developers, as well as encouraging the integration of traditional financial institutions with on-chain services. This marks the beginning of a restructuring phase for the SEC's regulatory framework regarding DeFi.
The policy has garnered significant attention from industry insiders. Uniswap CEO Hayden Adams and other leading figures in the industry praised the new U.S. policy on DeFi for restoring developers' confidence in domestic innovation. Binance founder CZ stated that June 9 "will be remembered as DeFi Day." Meanwhile, leading DeFi tokens such as $UNI, $LDO, and $AAVE have recently seen increases of over 20%.
This meeting is also viewed as a significant shift in the U.S. regulatory approach to DeFi, which may have far-reaching implications for global DeFi policy paths. Coinciding with the final vote on the "GENIUS Act" and the passage of the "CLARITY Act," the question arises whether the SEC's new policy can usher DeFi into the Defi Summer 2.0 phase. The following analysis by CoinW Research Institute will delve deeper into this topic.
1. U.S. SEC Policy Shift from Strict Regulation to Easing
1.1 Gary Gensler's Strict Regulatory Policy
The attitudes of past SEC chairpersons towards cryptocurrencies and their derivatives, such as DeFi, have determined the temperature of the U.S. crypto market. During Gary Gensler's tenure, the SEC's regulatory strategy focused on prioritizing the definition of securities and enforcement, aiming to bring token trading under the existing securities framework. This led to a series of compliance enforcement actions against DeFi projects, including subpoenas for Uniswap and lawsuits against Coinbase regarding its products.
Since taking office in April 2021, Gensler has adopted a comprehensive tightening of regulatory strategies concerning crypto assets, particularly in the DeFi market. His core belief is that enforcement equates to rules. He emphasized that most DeFi platforms and tokens are securities and should fall under the SEC's jurisdiction, pushing for a redefinition of the concept of exchanges to cover DeFi protocols. Gensler has repeatedly pointed out that DeFi is not truly decentralized, and platforms must register as exchanges, isolate custody, and strictly disclose information to protect investors.
According to Cornerstone Research data, Gensler's tenure has seen 125 crypto-related enforcement actions, reflecting a harsh stance towards DeFi. However, as regulatory practices progressed, structural issues began to emerge. On one hand, the SEC's legal demands clashed with the technical realities of DeFi, which operates on open-source and smart contracts, making it difficult to fit into the traditional issuer-investor-intermediary regulatory triangle. On the other hand, the global deployment and anonymous governance of DeFi have diminished the marginal effectiveness of strict enforcement, leading to regulatory lag and governance chaos. This punitive regulatory approach severely dampened market expectations, leaving many institutions and entrepreneurs in compliance confusion, thus stifling market liquidity and innovation.
1.2 Paul Atkins' Friendly Policy Towards DeFi
New SEC Chairman Paul Atkins officially took office in April 2025, and his regulatory style has undergone a significant transformation. Upon taking office, Atkins quickly initiated a series of roundtable meetings titled "DeFi and the American Spirit." The meeting on June 9 was the fifth in this series, and it received particular attention due to its clear policy direction regarding DeFi. The core points of this meeting include:
- Validators and staking service providers do not constitute securities trading.
The SEC clarified that miners, validators, and staking service providers participating in PoW or PoS networks do not engage in securities trading activities, preliminarily clarifying the compliance boundaries for infrastructure roles.
- Confirmation of the legality of self-custody and protection for wallet developers.
The document emphasizes that self-custody is at the core of private property rights in the U.S. and should not be an exception due to the crypto industry, opposing the inclusion of code developers under securities law simply because their code is used by others for financial activities.
- Recognition of the self-operating and risk-resistant capabilities of DeFi protocols.
The document points out that on-chain contracts are self-operating systems that do not require operators, demonstrating strong risk resistance during past crises, and should not be outright banned simply because they are not included in the traditional licensing system.
- Promotion of "innovation exemptions" to lower compliance thresholds for on-chain products.
Support for establishing temporary exemption mechanisms for on-chain projects, encouraging developers to engage in on-chain innovation under certain conditions, lowering innovation barriers, and promoting the legal conduct of on-chain financial activities.
- Researching legislative amendments to create a new regulatory system for on-chain finance.
Clarifying future policy directions, on one hand, providing a compliance framework for traditional registered institutions using on-chain systems; on the other hand, researching regulatory adaptations for the on-chain systems themselves.
This policy releases clear marginal benefits, particularly favoring the following sectors: validators and staking services, wallets and self-custody tools, on-chain contract platforms, and compliant intermediaries.
2. The U.S. Attempts to Regain Global Crypto Discourse Power
With the SEC's change in attitude, the regulatory environment for DeFi has become more friendly, and developers and capital that previously relocated due to uncertainty are expected to return, driving the revival of the U.S. crypto industry. Meanwhile, some global regulatory bodies have also introduced new regulations for DeFi. The following observes countries and regions that have already adjusted their policies following the SEC's new regulations.
2.1 Europe Adjusts Regulatory Framework
Following the SEC's roundtable meeting on "DeFi and the American Spirit" on June 9, the EU regulatory body quickly followed suit, incorporating DeFi into the next phase of the MiCA agenda, planning to clarify the legal definition of DeFi by mid-2026. This move not only demonstrates the EU's high sensitivity to regulatory actions but also reflects its acceleration in building its own decentralized finance regulatory framework to respond to the evolution of the global regulatory environment and regain the initiative in rule-making.
2.2 Abu Dhabi Releases ADGM Bill
On June 10, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) officially launched the "Guidance – Regulation of Virtual Asset Activities in ADGM" on its website, providing detailed regulations for virtual asset activities, including DeFi protocols. The guidelines took effect on the day of publication, and ADGM has begun reviewing existing or newly applied entities based on the rules, formally assessing the compliance of on-chain governance mechanisms and transparency.
2.3 Australia Clearly Defines DeFi Regulatory Framework for the First Time
On June 11, the Australian Sanctions Office (ASO), part of the Department of Foreign Affairs and Trade, published new "Guidance and Advisory Notes" on its website, specifically adding content on the "Fintech and DeFi Sector," officially bringing DeFi protocols under the scope of sanctions and compliance regulation. Although this move primarily stems from a counter-sanction perspective, its underlying significance is that DeFi is no longer a gray area but has been incorporated into the national regulatory framework, indicating that Australian regulatory authorities have clearly recognized it as a highly regulated field.
3. Impact on DeFi Market Recovery
The significant shift in the SEC's attitude has prompted a revaluation of the DeFi sector. From market performance, leading DeFi protocols are becoming the first beneficiaries of the regulatory shift, and the warming market sentiment has revealed structural opportunities. In the early stages of the market recovery, CoinW Research Institute suggests that investors focus on three types of directions: 1. Tokens with real economic capture capabilities; 2. Projects or protocols with compliance planning and the ability to communicate with policymakers; 3. Ecosystems expanding into multi-chain and traditional financial integration. Below, we outline the leading DeFi protocols that currently exhibit these characteristics and have performed outstandingly during this period:
3.1 Uniswap
As the most representative DEX in the DeFi space, Uniswap has long been constrained by the dual pressures of token value capture and frontend compliance risks. However, with the SEC's stance that "developer responsibility should be separated from code users," the legal risks for frontend providers have decreased, which is beneficial for boosting market expectations for Uniswap's business expansion, such as fee sharing and authorization models. The native token $UNI has risen approximately 30% in the past week, with a single-day increase of about 26% on June 10. According to Defillama data, Uniswap's DEX trading volume on June 10 was approximately $4.8 billion, marking the peak trading volume for DEX in the past two months.
3.2 Lido
The PoS staking protocol Lido has faced regulatory scrutiny due to its staking-as-a-service model, but the SEC's clear statement that "staking services do not constitute securities trading" undoubtedly clears up policy uncertainties for such protocols. The native token $LDO has seen an increase of over 15% in the past week, with the total amount staked in Ethereum also reaching a new high for the phase.
3.3 Aave
Aave demonstrates good regulatory adaptability in self-custody and lending models, while actively promoting compliance upgrades through GHO stablecoin and modular governance. The SEC's emphasis on the legality of self-custody of user assets suggests that the "non-custodial lending protocol" logic represented by Aave may gain policy recognition. The native token $AAVE has risen approximately 16% in the past week, and on-chain lending activity has also rebounded from the bottom.
Conclusion
The policy shift of the new SEC Chairman Paul Atkins marks the beginning of a new phase in U.S. DeFi regulation. From a past focus on punitive enforcement to an emphasis on regulatory sandboxes, clear compliance boundaries, and innovation incentives, this not only fills the institutional gaps in DeFi but also provides a clear path for industry development. The new policy confirms the legality of self-custody wallets, delineates the regulatory boundaries for validators and staking service providers, and demonstrates the SEC's evolving understanding of DeFi and its efforts to adapt the system.
This transformation is not merely a relaxation of regulations but a profound innovation in governance logic, aimed at transforming DeFi from a regulatory vacuum experiment into a manageable and sustainable financial ecosystem. Through this entirely new regulatory framework, the U.S. not only hopes to reshape global crypto discourse power but also provides market participants with a clear path for future compliance and innovation. The future of DeFi may no longer be a utopia resistant to regulation but a new direction that collaborates with institutional frameworks, with the new leadership of the SEC serving as the key to this door.
Reference Links:
- Remarks at the Crypto Task Force Roundtable on Decentralized Finance:
https://www.sec.gov/newsroom/speeches-statements/atkins-remarks-defi-roundtable-060925 - Guidance – Regulation of Virtual Asset Activities in ADGM [10 June 2025]:
https://en.adgm.thomsonreuters.com/sites/default/files/netfilestore/Guidance-RegulationofVirtualAssetActivitiesinADGM(VER07.100625).pdf - Guidance Note - Fintech and the DeFi sector:
https://www.dfat.gov.au/international-relations/security/sanctions/guidance/fintech-and-defi-sector
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