a16z and the DeFi Education Fund have formally requested that the SEC exempt decentralized exchange protocols from Exchange Act registration through a proposed safe harbor framework addressed to Commissioner Hester Peirce. The submission argues that DEXs operate fundamentally differently from traditional exchanges and require distinct regulatory treatment. In addition to the DEX exemption, a16z proposes an Alternative Trading System (ATS) style regulatory framework specifically designed for centralized crypto platforms. The dual approach aims to establish clear compliance pathways that distinguish between decentralized protocols and centralized intermediaries within the current securities law structure.