SEC DeFi Guidance Focuses on Human Control in Regulatory Debate

The Securities and Exchange Commission (SEC) has issued guidance on decentralized finance (DeFi), with human control and regulatory duties featuring in an industry debate over who should face compliance obligations. Industry participants are divided over regulatory responsibility as the SEC clarifies its approach to DeFi. Human control is a focus of the discussion. The debate comes as Congress has not passed a market-structure law clarifying federal agencies' roles. It follows stalled action on the Clarity Act, which would address crypto market structure, and the SEC's earlier crypto guidance after the Clarity Act vote failed .