Commissioner @HesterPeirce's Statement on Today's @SECGov Innovation Exemption Order is one of the best characterizations of DeFi we've ever seen. "What does the order not do? This order is not about decentralized finance. Truly decentralized systems that are driven by automated software do not give rise to the foundational concerns underlying securities regulation, namely that an intermediary you trust to act on your behalf will be foolish, careless, or compromised. An investor does not need an exemption to avail herself of permissionless smart contracts that mediate peer-to-peer trading." Thank you, Commissioner Peirce, for your tireless leadership defending the values that matter to builders of blockchain technology and DeFi systems.