DEF submitted comments to the SEC on the recent Innovation Exemption. The Innovation Exemption broadly provides a pathway for intermediated, permissioned systems built on permissionless rails, but it does not address decentralized exchange protocols or user interfaces that provide access to them. DEF urges the Commission, through rulemaking, to build on the Innovation Exemption by providing clear, appropriately tailored safe-harbor treatment for DEXs and user interfaces under both the exchange and broker definitions.