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It's Sunday, June 18th, 2023, and this is Markets Daily from CoinDesk.

I'm Adam Eilivian here going through your weekend story.

On today, we're taking a look at the law behind the regulators and just how bad things may have gotten.

And just a reminder, CoinDesk is a news source and does not provide investment advice.

Today's featured story is an opinion piece from Bill Hughes, who's the Senior Council and Director of Global Regulatory Matters at Consensus.

Our piece today is entitled SEC's Defi rulemaking due over falls short.

In April, the U.S. Securities and Exchange Commission, or SEC, reopened the comment period

for a proposed set of rules that would redefine various blockchain protocols as U.S. regulated

securities exchanges, a second try at Iranian decentralized finance or defy, and started in early 2022.

The public had until Tuesday, June 13, to submit comments, and comment everyone should have,

because the fatal flaws of this proposal have only been exacerbated in the latest version.

Alongside the SEC's enforcement-first mindset, this attempted rulemaking serves as compelling evidence

...