SEC Crypto Roundtable: DeFi and the American Spirit

Deana Bass Williams and SEC Commissioner Hester Peirce

On June 9, 2025, the SEC’s Crypto Task Force concluded its Spring Sprint series with a roundtable titled “DeFi and the American Spirit” at its Washington, D.C. headquarters. Moderated by Troy Paredes, the event featured panelists like Jill Gunter (Espresso Systems), Michael Mosier (Arktouros), and Erik Voorhees (Venice AI), discussing decentralized finance (DeFi) and its regulatory implications. Open to the public and webcast live, the SEC crypto roundtable allowed attendees to pose questions during a town hall session.

Commissioner Hester M. Peirce, head of the Crypto Task Force, emphasized DeFi’s alignment with American values of freedom and permissionless innovation. Peirce raised a critical point, emphasizing that code is protected speech under the First Amendment. Developers publishing DeFi protocols shouldn’t face SEC regulation merely for writing code.

It is, however, reasonable for centralized entities operating platforms or handling client assets to fall under regulatory scrutiny. Pierce cautioned against “DeFi-In-Name-Only” (DINO) platforms, which mimic DeFi but retain centralized control, potentially introducing risks like fraud or conflicts of interest.

Expanding these discussions across the nation is vital, especially for rural communities. Blockchain and DeFi can empower remote areas with access to financial services and agri-innovation, beyond traditional banking barriers.

The roundtable series, spanning topics like tokenization and custody, has informed the SEC’s approach to crypto regulation. Peirce stressed balancing investor protection with preserving individuals’ rights to publish and interact with open-source code. The event underscored the SEC’s commitment to engaging with stakeholders to navigate the evolving DeFi landscape while respecting its decentralized ethos.

For more details, visit the SEC Crypto Task Force webpage.