Powerful statement from @SECPaulSAtkins today. In his remarks, the Chairman explains that "our existing framework" does not always organize "neatly" to today's onchain markets. AND, he commits to providing a future-proof framework to clarify how existing regulatory definitions apply to technologies spanning the decentralization spectrum. "But software applications today do not always organize themselves neatly along these categorical lines. A single protocol can execute a trade, manage collateral, route liquidity, execute trading strategies through vault structures, and settle the transaction—all within a unified, automated system, often within seconds." The DEF team, in particular, appreciates that Chair Atkins highlights that DeFi *is* unique and requires different treatment from TradFi: "As the Commission considers these policy initiatives, we should remember that onchain market structures today are often hybrid in nature, combining elements of what are often referred to as “traditional” and “decentralized” finance. We should clarify how the Commission views the spectrum of models that may implicate our statutes through notice and comment rulemaking, using our exemptive authorities where necessary and prudent, all with full participation from innovators, investors, and the public alike."(DeFi Education Fund)