a16z and DeFi Fund Seek SEC Safe Harbor for DEXs as ARK Fund Clears Tokenized Shares
a16z and the DeFi Education Fund want an SEC safe harbor for decentralized exchanges, while the SEC separately cleared ARK Venture Fund exchange-listed and tokenized share classes.
Why it matters
The two items sit on the same regulatory file from opposite directions: a safe harbor would decide when a decentralized exchange is outside the broker-dealer framework, while the ARK order clears a registered fund to hold tokenized shares next to exchange-listed ones. The ARK order approves a structure only, and no trading in the new classes has been announced.
Key facts
Andreessen Horowitz and the DeFi Education Fund asked the SEC to create a safe harbor for qualifying decentralized exchanges.
Reported by Crypto News (CryptoNews.net)
Under the proposal, decentralized systems that let users trade directly without taking control of their funds would be presumed not to operate as exchanges unless regulators show otherwise.
Reported by Crypto News (CryptoNews.net)
Qualifying decentralized exchanges would have to be non-custodial, automated, permissionless and credibly neutral, and could not be controlled by a person or group able to make major rule changes independently.
Reported by Crypto News (CryptoNews.net)
The proposal sets separate requirements for DEX applications covering interfaces, pricing and market data, with information required to come from public, objective and independently verifiable sources.
Reported by Crypto News (CryptoNews.net)
Commissioner Hester Peirce said the SEC's temporary relief for permissioned platforms trading tokenized U.S. stocks does not cover decentralized finance.
Reported by Crypto News (CryptoNews.net)
The SEC granted ARK Venture Fund and ARK Investment Management amended exemptive relief under the Investment Company Act in Release No. IC-36333.
Reported by NewsBTC
The order allows the fund to create an Exchange Class designed for listing on a national securities exchange and a Tokenized Class whose ownership can be recorded on distributed-ledger technology, with trading potentially through alternative trading systems.
Reported by NewsBTC
ARK has not announced that shares in the new classes are already trading.
Reported by NewsBTC
What happened
Andreessen Horowitz and the DeFi Education Fund have asked the U.S. Securities and Exchange Commission to create a safe harbor for qualifying decentralized exchanges, Crypto News reported, in a proposal under which platforms that let users trade directly without taking control of their funds would be presumed not to operate as exchanges unless regulators show otherwise. The proposal sets four conditions, non-custodial, automated, permissionless and credibly neutral, and excludes systems controlled by a person or group able to make major rule changes independently, while requiring open access and equal treatment across users and transactions. DEX applications would face their own rules on interfaces, pricing and market data, which would have to come from public, objective and independently verifiable sources. The request follows temporary SEC relief for permissioned platforms trading tokenized U.S. stocks, and Crypto News reported that Commissioner Hester Peirce said that relief does not cover decentralized finance. Separately, NewsBTC reported that the SEC granted ARK Venture Fund and ARK Investment Management amended exemptive relief under the Investment Company Act in Release No. IC-36333, covering an Exchange Class built for listing on a national securities exchange and a Tokenized Class whose ownership records can be kept on distributed-ledger technology and can trade through alternative trading systems. NewsBTC noted ARK has not announced that the new shares are trading.
How the story developed
- First report
First report by Crypto News (CryptoNews.net)
a16z, DeFi Fund Push SEC for Safe Harbor for Decentralized Exchanges
- Update
a16z and DeFi Education Fund seek SEC safe harbor for decentralized exchanges
The proposal would presume qualifying decentralized platforms do not operate as exchanges unless regulators show otherwise.
- Official statement
Peirce says permissioned tokenized-stock relief does not cover DeFi
The statement came alongside the temporary SEC relief for permissioned platforms trading tokenized U.S. stocks.
- Independent corroboration
Independently corroborated by NewsBTC
SEC Clears ARK Venture Fund For Tokenized And Exchange-Traded Share Classes
- Official statement
SEC issues Release No. IC-36333 clearing ARK fund share classes
Amended exemptive relief lets ARK Venture Fund and ARK Investment Management offer an Exchange Class and a Tokenized Class under the Investment Company Act.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 22 Sept 2026, 21:08 UTC: Crypto News (CryptoNews.net) — 1 independent source, 1 reports
- 23 Sept 2026, 07:30 UTC: NewsBTC — 2 independent sources, 2 reports
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto News (CryptoNews.net) Aggregator | a16z, DeFi Fund Push SEC for Safe Harbor for Decentralized Exchanges | Original | |
| NewsBTC Crypto media | SEC Clears ARK Venture Fund For Tokenized And Exchange-Traded Share Classes | Independent |
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