U.S. SEC Chair Proposes ‘Innovation Exemption’ for DeFi Platforms
The U.S. Securities and Exchange Commission (SEC) is considering policy changes to exempt decentralized finance (DeFi) platforms from regulatory barriers, as stated by Chairman Paul Atkins.
Key points include:
- Atkins emphasized that software developers should not be held accountable for the use of their products.
- The SEC is exploring an "innovation exemption" to allow on-chain financial systems to be marketed more quickly.
- Atkins noted blockchain technology enables new software applications that do not require intermediaries.
- Current Republican SEC members advocate for crypto-friendly policies, contrasting with previous regulatory approaches focused on exchanges and brokers.
- Commissioner Hester Peirce highlighted the need to protect First Amendment rights regarding code publication while maintaining that centralized entities remain subject to regulations.
- Erik Voorhees of ShapeShift acknowledged a positive shift in the SEC’s tone towards DeFi.
These developments indicate a potential easing of restrictions on DeFi platforms amid growing recognition of their role in financial innovation.