Why DeFi Shouldn't Be Regulated Like a Brokerage

Hyperliquid and Phantom are urging the CFTC to stop treating onchain protocols like brokerages We spent the whole Gensler era stuck on the same questions, are we a security or not, how should these be managed. But it seems pretty obvious that DeFi and decentralized exchanges shouldn't be regulated the same way as banks and broker-dealers. They don't even hold your coins. It's just a completely different business. #DeFi #Crypto #CFTC #Hyperliquid #Regulation