a16z Crypto’s Comment on SEC Exchange Act Proposal

Jai Ramaswamy and Miles Jennings

Today we submitted a comment letter objecting to the SEC’s proposed definition of an exchange as overbroad and likely to inhibit web3 innovation.

Specifically, our comment seeks clarification that it does not apply to DeFi protocols, and asserts that it suffers from significant deficiencies under the Administrative Procedures Act if it does.

We call on the SEC to work within the spirit of the recent Executive Order and constructively engage with web3 innovators to protect investors and foster innovation in this vitally important technology.

Read the full comment letter here

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