The United States Stock Exchange and Securities Commission is working on a policy to exempt decentralized finance (DEFI) platforms of regulatory barriers, said President Paul Atkins.
Software developers who build tools Defi have no business blame for how they are used, ATKINS and other MIS Republicans held in the final of five cryptographic round tables that have been held at the agency since leadership rotation under President Donald Trump.
The president said Monday to a round table of Defi experts who ordered the SEC personnel to seek changes in the agency’s rules “to provide the necessary accommodation so that the issuers and intermediaries seek to manage financial systems in the chain.” Atkins described that potential ex -intention “an exemption of innovation” that would allow entities under the jurisdiction of the SEC bring products and services in the chain to the market “with expedition”.
“Many entrepreneurs are developing software applications designed to operate without administration of any operator,” Atkins said in comments at the event. Although he pointed out that the technology that allows private transactions between peers can “sound as science fiction,” said “Blockchain technology makes possible a completely new class of software that can perform these functions without an intermediary.”
“We should not automatically fear the future,” Atkins said.
Defi is a broader cryptocurrency industry that seeks to recreate tools and financial products with code that replaces the role of traditional intermediaries such as banks and stockbrokers.
Republican members of the Commission, who currently exceed the 3-1 Democrat, have been eager to advance with a friendly policy with cryptography. Although it often defines a bit of deployment in the political discussions that focus more on the regulation of the industry with the highest volume of encryption exchanges, corridors and custody services. Although Defi developers have faced years of distrust of government agencies of the United States, Republicans who are now in power seek to lighten those pressures.
“The SEC should not violate the rights of the first amendment by regulating someone who simply published the code on the basis that others use that code to carry out an activity that the SEC has traditionally regulated,” said Commissioner Hester Peirce, who has directed the crypto working group of the SEC established this year. However, he also noted that “centralized entities cannot avoid regulation simply deploying the decentralized label.”
Erik Voorhees, the founder of Decentralized Exchange Change, joked that when he received his first citation of the SEC 12 years ago, he did not believe that he was invited to speak in the agency years later.
“I appreciate the change of tone and the change of position for the commission,” he said. “I think it’s absolutely positive for the United States.”
Read more: The Round Table of Cryptocurrency Commerce of the US SEC. UU. It deepens the easy route for platforms
