Solana's policy advocacy team is pushing the SEC to draw a clear line between centralized exchanges and decentralized protocols. The core argument? One-size-fits-all rules don't make sense when you're dealing with fundamentally different architectures. It's a legitimate point—CEXs have custodial risks and operational control that DEXs simply don't have. Whether regulators actually listen remains another story, but this kind of differentiated approach could reshape how digital assets get regulated going forward.