Thank you @HesterPeirce for correctly recognizing the nature of DeFi technology, and for your relentless advocacy for creating a more open financial system. The BSA is broken. And, noncustodial DeFi technology is fundamentally incompatible with the CeFi-suited regime. DeFi software providers that do not exercise control or custody over user funds should not be improperly classified as intermediaries. Thank you for your efforts. Read more in Commissioner Peirce's speech here:

If you liked @HesterPeirce’s speech from today, we did, too. :) Peep the footnote…. a @fund_defi paper by @glzavatone & Henry Michaelson — sooooo cool! Our team has done an insane amount of great work on this topic.

Another gem from @HesterPeirce 💎👇

💥Is Privacy A Crime? The Trial Against Tornado Cash Developer Roman Storm: Everything You Need to Know With @_Enoch @amandatums @tayvano_ @molly0xFFF hosted by @davidzmorris Timestamps: 04:46: What is Tornado Cash? 10:45 Understanding the charges 21:25 Implications for software developers 30:00 Could the UI stop transactions? 32:36 Did North Korea use the front end? 39:16 Could the relayers stop transactions? 42:57 The Government’s first witness: grounds for appeal? 1:00:00 What would happen after a guilty verdict? 1:02:00 Can developers be held liable for writing open source code? 1:07:00 Could free speech be a ground for appeal? 1:11:00 How do we balance the right to privacy with criminal use? 1:20:00 Dragonfly Capital pleads the Fifth 1:23:00 Chainalysis Relayer highlights breadth of charges 1:31:00 Does the Blanche Memo protect developers? 1:37:00 Closing thoughts

Today, SEC Chairman Paul Atkins gave a speech entitled – “American Leadership in the Digital Finance Revolution” – and the speech title alone is a significantly positive tide change signal. In the speech, Chair Atkins also highlights the benefits of DeFi. A new DEF blog includes some of our favorite quotes from his speech 🧵👇

For those looking to better understand both the potential implications of the Tornado Cash case and the unlicensed money transmitting business charge (18 U.S. Code § 1960), please check out my interview with @amandatums, Executive Director of @fund_defi

Here for week three of US vs Storm — 👉 defense expert witness Dr. Hurder defined key terms, explained funding model for startups & DAOs She also presented a more fulsome data set, countering govt cherry picked charts, saying they had an “advantageous start date”

This quote from @HesterPeirce - “I certainly want to be able to live in a world where a project can decentralize. But I also want to be in a world where we don't force decentralization at an earlier point than makes sense.”

Lots going on from Congress to the courtroom to @PubKey — and we captured the latest in @fund_defi’s DeFi Debrief Monday AM newsletter 👇

Catch-up on the latest in DeFi/crypto policy with the latest DeFi Debrief! This week, we cover @BankingGOP's market structure draft, the latest in @rstormsf's trial, and the bipartisan Financial Technology Protection Act of 2025. 📰👇