SEC’s DeFi Rulemaking Do-Over Falls Short

In April, the U.S. Securities and Exchange Commission (SEC) reopened the comment period for proposed set of rules that would redefine various blockchain protocols as U.S. regulated securities exchanges, a second try at reining in decentralized finance (DeFi) from early 2022. Alongside the SEC’s enforcement-first mindset, this attempt at rulemaking serves as compelling evidence that new U.S. legislation – (perhaps something like the recently published market structure bill sponsored by House Fin