A coalition of prominent blockchain developers, including Chainlink, Hedera, Aptos, Ava Labs (Avalanche), and Stellar, has formally petitioned the U.S. Securities and Exchange Commission (SEC) to codify its existing digital asset framework into official rules. The initiative, led by Jackson Mueller, aims to transition informal guidance into a transparent, legally binding regulatory structure to provide the industry with long-term stability.
A Unified Push for Regulatory Certainty
The collaboration highlights a growing demand within the decentralized finance (DeFi) and infrastructure sectors for a predictable legal environment. Taylor Barr of Chainlink emphasized that the current reliance on informal guidance creates ambiguity for builders. By formalizing these frameworks into the Code of Federal Regulations, the SEC would provide developers with the necessary legal roadmap to build scalable applications without the risk of retroactive enforcement actions.
- Chainlink (LINK): Representing oracle networks and data integrity.
- Hedera (HBAR) & Stellar (XLM): Focused on enterprise-grade distributed ledgers and cross-border payments.
- Aptos (APT) & Avalanche (AVAX): High-performance Layer-1 platforms seeking clarity for ecosystem developers.
Protecting American Innovation
The group argues that formalizing the digital asset framework is essential for the United States to remain a global leader in financial technology. Advocates suggest that without clear, codified rules, talent and capital may migrate to jurisdictions with more defined regulatory regimes.
Developers need long-term regulatory certainty, and solidifying existing regulatory progress into formal rules will help the United States maintain its position as a center for digital asset innovation.
Codification refers to the process of arranging laws or rules into a systematic code to ensure they are accessible and enforceable across the industry.
The petition represents a strategic effort by major industry players to move beyond "regulation by enforcement" toward a collaborative model. By establishing a permanent regulatory foundation, these organizations believe the SEC can foster a safer environment for both institutional investors and retail participants while supporting the technical advancement of blockchain technology.
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