Update (Jan. 13, 2026, 9.45 a.m. UTC): This article was updated to clarify the legal status and jurisdictions of recent cases involving Tornado Cash developers.
The Solana Policy Institute, a nonprofit focused on blockchain policy, urged the US Securities and Exchange Commission (SEC) to clearly distinguish between centralized crypto exchanges and non-custodial decentralized finance (DeFi) software, arguing that developers who publish open-source code should not be regulated as market intermediaries.
In a Friday letter to the agency, the institute…

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