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DeFi Debrief

Week of September 1, 2025: New DEF Coalition Letter; DEF Blog on No-Action Letters


DEF Leads Coalition Letter to Senate on Software Developer Protections


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On August 27, 2025, DeFi Education Fund led a coalition of 110+ organizations - including crypto and tech builders, investors, and advocates - in submitting a letter to the Senate Banking and Agriculture Committees explaining the need to include explicit protections for software developers in market structure legislation. 


This is the largest crypto coalition in American history. Protecting software developers is a non-negotiable in legislation and a firmly bipartisan issue. Our letter urges the Senate to provide robust, nationwide protections for software developers and non-custodial service providers in market structure legislation. 


DEF deeply appreciates Congressional leaders and their staff for their hard work to provide clear rules for the industry. DEF is also grateful for the inclusion of the Blockchain Regulatory Certainty Act and Keep Your Coins Act in the drafts of the House and the Senate market structure bills. These bills recognize the distinctions between intermediated finance and decentralized networks, and protect the right to self-custody and freedom to engage in peer-to-peer transactions. However, as detailed in the letter, additional critical clarifications are needed to protect blockchain infrastructure developers and non-custodial service providers from inapt regulatory classifications and obligations. Clear protections will allow software developers to innovate with confidence and make the United States the “crypto capital of the world.”


Hayden Adams, the founder of Uniswap protocol tweeted, “We just sent the largest crypto coalition letter ever to Congress!! 110+ builders, investors, and trade groups calling for protections for developers in market structure legislation. These protections are absolutely critical for any market structure bill so innovation continues to thrive in the US.”


Please click here to read the full coalition letter.


DEF in the Media: 


DEF Publishes Blog on No-Action Letters


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On August 25, 2025, DEF published an introductory blog on no-action letters, explaining how no-action letters can serve as a valuable tool for crypto builders in today’s regulatory environment—one that is noticeably more focused on achieving regulatory clarity than enforcement actions. 

No-action relief letters—statements by agency staff that they will not recommend enforcement action—have become increasingly important since the Securities and Exchange Commission (SEC) launched its Crypto Task Force earlier this year. Both SEC Chair Paul Atkins and Commissioner Hester Peirce have encouraged projects to seek no-action relief while broader rules are developed.

For crypto builders, no-action letters can clarify how securities laws apply to token launches, staking, or tokenized equity. They offer valuable but limited protection: the relief only applies to the facts described, and staff positions may evolve. Still, successful requests provide insight into how similar projects may be treated and help the industry move forward.

The blog highlights past examples, including the SEC’s 2019 letter to TurnKey Jet approving a utility token, Wyoming’s 2020 relief for Two Ocean Trust on crypto custody, and the SEC’s 2025 clarification of accredited-investor verification under Rule 506(c). 

Click here to read DEF’s full blog on no-action letters.


DeFi Dictionary Word of the Week


This week, a coalition of 110+ signatories joined DEF in sending a coalition letter to Congress on developer protections, a non-negotiable in digital asset market structure legislation. This inspired our word of the week: 


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Source: Meme from X post by @DeFiDictionary.


 
 
 
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