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.
Jai Ramaswamy is in charge of oversight of the legal and compliance functions at Andreessen Horowitz as Chief Legal Officer.
Miles Jennings is General Counsel and Head of Decentralization for a16z crypto at Andreessen Horowitz, where he advises the firm and its portfolio companies on decentralization, DAOs, governance, NFTs and state and federal securities laws.