Peter Van Valkenburgh argued that DeFi protocols should not be regulated in the same way as traditional financial intermediaries, comparing the technology to “pipes” rather than delivery services. The remarks came during an appearance on Uneasy Money, where he responded to whether the CFTC should treat DeFi protocols like Wall Street. Van Valkenburgh’s comments underscore an ongoing debate over how regulators should approach decentralized financial infrastructure versus centralized service providers.