Paul Atkins explained that many DeFi tools operate without administrators and should be treated differently under securities law

Quotes that support claims

Atkins emphasized that many blockchain applications operate without administrators, which places them outside frameworks written for issuer-centric markets.

"Many entrepreneurs are developing software applications that are designed to function without administration by any operator," Atkins said in remarks at the event. While he noted the technology enabling private peer-to-peer transactions can "sound like science fiction," he said "blockchain technology makes possible an entirely new class of software that can perform these functions without an intermediary."