A policy think tank focused on Solana ecosystem has made a compelling case to the SEC: it's time to draw a clear line between centralized trading platforms and open-source DeFi protocols. The core argument hits hard—why should independent developers behind non-custodial software face the same regulatory scrutiny as centralized intermediaries? The distinction matters. One model holds user assets and controls access; the other is just code running on a blockchain. Regulators treating them identically would chill innovation across the entire DeFi landscape. Whether the SEC takes this seriously could reshape how Web3 software development gets regulated in the US. For traders and developers alike, this fight over regulatory clarity is worth watching closely.