The Commission has been presented with a package of three proposed, and unusual, enforcement actions. Although each case presents different facts, they have been lumped together for Commission consideration and vote (presumably for messaging purposes) as “DeFi” cases. That is, each case involves a decentralized finance (“DeFi”) protocol – a collection of smart contracts residing on a blockchain that replicates certain functions of the traditional financial system in a decentralized manner. The Commission has brought enforcement actions against several centralized exchanges in the digital asset space during the past ... (full story)