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Andreessen Horowitz seeks SEC safe harbor for decentralized exchanges
Andreessen Horowitz (a16z) and the DeFi Education Fund have submitted a proposal to the U.S. Securities and Exchange Commission (SEC) requesting a safe harbor for qualifying decentralized exchange (DEX) systems.
The proposal suggests a framework where eligible DEXs and their connected applications would be granted a rebuttable presumption that they are not operating as traditional exchanges under the Exchange Act. To qualify for this status, the protocols must meet four specific criteria: they must be non-custodial, automated, permissionless, and demonstrate credible neutrality.
For the front-end applications associated with these protocols, the proposal mandates the use of objective, independently verifiable market data and prohibits centralized control over trade matching, pricing, or execution. The framework is intended to cover systems handling various assets, including tokenized securities. The SEC has not yet adopted the proposal and is currently seeking public comment.
Entities
Andreessen Horowitz · DeFi Education Fund · Hester Peirce · U.S. Securities and Exchange Commission
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Andreessen Horowitz and the DeFi Education Fund have submitted a proposal to the SEC for a safe harbor for qualifying decentralized exchanges (DEXs). www.tokenpost.com · coinedition.com · cryptobriefing.com
- [○ 1 SOURCE] The SEC has not yet adopted the proposal and is seeking public comment. coinedition.com
- [● 3 SOURCES] To qualify, a DEX must be non-custodial, automated, permissionless, and credibly neutral. www.tokenpost.com · coinedition.com · cryptobriefing.com
- [○ 1 SOURCE] The proposed safe harbor would cover systems handling securities, including tokenized securities. www.tokenpost.com
- [● 2 SOURCES] The proposal would create a rebuttable presumption that eligible DEXs and connected applications are not operating as exchanges under the Exchange Act. www.tokenpost.com · coinedition.com
- [○ 1 SOURCE] Applications must avoid discretionary control over routing, pricing, matching, or execution. www.tokenpost.com
- [● 2 SOURCES] Connected applications must use objective, independently verifiable pricing and market data. www.tokenpost.com · cryptobriefing.com