a16z Proposes Safe Harbor for DEX to SEC

On September 14, a16z and the DeFi Education Fund submitted a proposal to the U.S. Securities and Exchange Commission (SEC), suggesting the establishment of a safe harbor for eligible decentralized exchanges (DEXs) and their front-end applications, exempting them from exchange registration requirements. The proposal recommends that eligible DEXs should possess four characteristics: non-custodial, automated, permissionless, and trustlessly neutral; while DEX applications should remain non-custodial, display market data based on objective and verifiable parameters, refrain from exercising discretionary control over trade execution, and limit developer activities to specific technical functionalities.

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