If nobody controls the trade, Hester Peirce says there may be nothing to exempt.

Her argument is that truly permissionless DeFi should not need special legal relief. The harder question is where software stops being neutral infrastructure and starts looking like an intermediary through custody, routing, fees, access controls or the power to pause the system.

https://cryptoslate.com/why-truly-decentralized-defi-needs-no-legal-exemption-according-to-sec-commissioner-hester-peirce/

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