SEC Holds Cryptocurrency Meeting, Chair Makes Statement

According to a statement by the DeFi Education Fund, the U.S. Securities and Exchange Commission’s (SEC) Cryptocurrency Working Group held a roundtable discussion today titled “DeFi and the American Spirit.”

Delivering the opening speech of the meeting, SEC Chairman Atkins highlighted the compatibility of decentralized finance (DeFi) with American values.

“American values such as economic freedom, property rights, and innovation are at the core of the DeFi movement,” Atkins said.

In his speech, Atkins said that software developers who develop neutral tools cannot be held responsible for the actions of third parties, and used the following statements:

“Engineers should not be subject to federal securities laws simply because they publish software code. As one court has stated, when a third party illegally uses an autonomous vehicle for their own benefit, you hold the perpetrator responsible, not the vehicle manufacturer. The same principle should apply to DeFi.”

The meeting continued with various views being shared on how DeFi can be made more compliant with US regulations and how the rights of developers can be protected.

*This is not investment advice.