U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce addressed the audience on June 9 during the final session of the Crypto Task Force’s Spring Sprint roundtable series in Washington D.C., emphasizing the importance of decentralized finance (DeFi) in embodying core American values. The event, titled “DeFi and the American Spirit,” concluded a months-long initiative focused on major regulatory themes in crypto, including custody, tokenization, and trading. Moderated by former SEC Commissioner Troy Paredes, the session marked the culmination of a series Peirce said was instrumental in shaping ongoing SEC policy discussions around digital assets.

Peirce clarified that DeFi should not be confused with traditional platforms. Instead of being a service offered by intermediaries, DeFi is a system where users interact directly with open-source protocols. “DeFi is not a place people go to access services that someone else provides and controls; it is software code that people use to engage in the activity of transacting without a centralized intermediary,” she explained. The commissioner firmly underscored the constitutional protections for those who write and publish such code, stating:

The SEC must not infringe on First Amendment rights by regulating someone who merely publishes code on the basis that others use that code to carry out activity that the SEC has traditionally regulated.

“If somebody else subsequently violates the law using the software protocol, the user—not the developer of the software—should face the music,” the commissioner added. She drew a sharp distinction between code publication and operational roles that may involve custody or decision-making, suggesting only the latter may trigger regulatory scrutiny.

In warning against deceptive efforts to brand centralized services as DeFi, Peirce coined the term “DeFi-In-Name-Only (DINO)” and stressed that regulators should stay focused on clear threats to investors. She stated: “With centralized entities comes the potential for fraud, conflicts of interest, principal-agent problems, information asymmetries, and other issues common in the traditional finance world—all the issues DeFi is designed to address.” She stressed:

The SEC’s efforts are best spent protecting investors, not from their own use of open-source software code to engage in transactions with their peers, nor from writers of such code, but from providers of financial services.

Commissioner Peirce closed by calling for a balanced approach that preserves individual rights while ensuring legitimate regulatory oversight of centralized actors.

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