SEC Commissioner Hester Peirce stated on September 17 that investors need no exemption to use permissionless smart contracts for peer-to-peer trading. The SEC published a conditional order for tokenized securities venues and a staff position on crypto asset interfaces, while the CFTC released a letter allowing passive software providers to promote more derivatives products under certain conditions. Both agencies are examining how much control a software provider can retain before being likened to a regulated intermediary. A unified federal definition of decentralization remains absent, with each action operating under a different statute and producing separate boundaries for the Commission order and each staff position.
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