Unchained DEX in the City: Is Now the 'Perfect Time to Launch a Crypto Scam'?
Feb 13, 2026
Peter Van Valkenburgh, executive director of Coin Center and defender of open-source crypto developers, digs into how proposed laws define "control" in DeFi. He discusses admin keys, pause functions, and the line between non-custodial builders and intermediaries. They also tackle whether current enforcement can catch bad actors if developers get legal cover.
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Protecting Open-Source Developers
- Coin Center defends open-source crypto developers from undue prosecution while supporting sensible regulation for trusted intermediaries.
- They argue neutral infrastructure and pure software publishing deserve First Amendment protection and exemption from licensing.
BRCA Clarifies Noncustodial Status
- The Blockchain Regulatory Certainty Act (BRCA) codifies FinCEN guidance to exempt truly non-custodial developers from money transmission liability.
- For truly neutral tools, forcing registration looks like prior restraint and misfits the regulatory purpose.
Limit Admin Keys For Security Only
- Design admin keys narrowly and document their cybersecurity purpose to reduce regulatory risk under the BRCA and upcoming rulemaking.
- Use pause or upgrade powers strictly for security fixes, which the draft intends not to deem non-decentralized.