DeFi Debrief

Week of 10/20: DEF Blog on Front Ends; DEF Conference Appearances; Amanda Tuminelli on Crypto in America

DEF Blog and Explainer on DeFi Front Ends

Last week, DEF published a new blog post, “From Gatekeepers to Port Builders: The Shift in Web Front Ends,” examining how the front ends of the internet—and the underpinning regulatory assumptions—have evolved from Web 1.0 (read-only) to Web 2.0 (centralized and proprietary), and now to Web 3.0 (open-source and permissionless). 

This blog illustrates the differences between traditional finance (TradFi) and decentralized finance (DeFi) regulatory frameworks and the technical realities of Web 3.0. It makes the argument that policymakers should not improperly treat front-end developers as if they were custodial intermediaries, such as introducing brokers, since Web 3.0 front ends do not take custody of customer assets, maintain contractual privity with users, or assume obligations to assist with transaction discrepancies.

In tandem, DEF also released an accompanying cheat sheet that summarizes the differences between Web 2.0 and Web 3.0 front ends, as a handy reference for policymakers, technologists, and market participants. 

DEF at North American Blockchain Conference

On October 10, 2025, DEF Senior Counsel Ayana Dow joined Coin Center’s Director of Policy Jason Somensatto and moderator Michael Lewellen, Chief Solutions Engineer for crypto key infra-provider Turnkey, for a “Digital Rights” discussion at the North American Blockchain Summit in Dallas, TX. The panel focused on how quickly the regulatory landscape has shifted over the past year, and what that means for developers, users, and policymakers. Speakers warned that prosecutors are stretching 18 U.S.C. § 1960—a criminal statute aimed at unlicensed money transmitters—to reach open-source, non-custodial software developers, the application of which Lewellen is currently challenging. The group also raised concerns around balancing enforcement trends that push for deeper visibility into user data without eroding individual privacy rights. 

DEF at DC Privacy Summit 

On October 16, 2025, DEF Research Director Lizandro (Laz) Pieper joined the DC Privacy Summit as a panelist on: “What the GENIUS Act Could Mean for Privacy and anti-money laundering (AML).” Together with Ian Miers from University of Maryland, Ross Schulman from SpruceID, and moderated by Veronica Irwin, the panel highlighted policy considerations and privacy technologies that have emerged from the world of blockchains and cryptocurrency—and how they could play a role in online privacy, as well as financial compliance, in the future.

DEF at DC Fintech Week 

On October 16, 2025, DEF’s Executive Director and Chief Legal Officer Amanda Tuminelli joined a panel at DC FinTech Week entitled, “Always On. Always Risky?: Liquidity and On-Chain Finance.” Amanda appeared alongside DEF Board Member Greg Xethalis of Multicoin Capital, as well as Georgia Quinn of Securitize and Salman Banaei of Plume. 

The panel focused on market liquidity and was moderated by André Beganski, Staff Reporter at Decrypt Media. The panel examined the structural risks of protocol-based finance—exploring how volatility, leverage, and transparency can shape markets in decentralized systems. 

DEF on Crypto in America Live

On October 17, 2025, DEF’s Executive Director and Chief Legal Officer Amanda Tuminelli joined Crypto in America for a live broadcast. During the discussion, Amanda summarized recent policy happenings, including Senate Democrats’ leaked Market Structure Draft and DEF’s recent submissions to the U.S. Department of the Treasury. Amanda shared that Democratic leaders are continuing to engage in market structure discussions and the industry is focused on maintaining bipartisan legislative momentum. She also underscored DEF’s commitment to helping policymakers and their staff understand the complexities of DeFi technology as we work to explain DeFi, protect software developers, and ensure that those engaging in rulemaking ultimately understand the difference between intermediated, traditional finance and DeFi. To watch the broadcast recording, please click here.

DeFi Dictionary

The word of the week needs no introduction; it is what makes DeFi possible. Our word of the week: Code.

Notable and Quotable