The Blockchain Association has written a second letter to the SEC regarding its proposed change to the definition of exchanges, which would include certain DeFi and crypto firms.

The Association argues that decentralized protocols are being discriminated against due to the unique challenges they face in complying with the proposal. There are also concerns about fair notice and potential violations of the Administrative Procedures Act.

The proposed change has been criticized by other crypto firms and Republicans on Capitol Hill. Chair Gensler's personal opinions on digital assets have also been called into question.