During today's @FinancialCmte hearing, @SummerMersinger from @BlockchainAssn highlighted the importance of distinguishing between intermediaries and tech infrastructure: "Ensuring that DeFi systems receive appropriately tailored equivalent consideration by the SEC, and are not inappropriately subjected to intermediary-based compliance regimes, will be critical to preserving their role as open, neutral infrastructure, while maintaining appropriate oversight of activities that present traditional financial risks."(DeFi Education Fund)