I hope this letter finds you in the best of spirits. I wish to extend my thoughtful reflections on the proposed regulations under the title "Amendments Regarding the Definition of “Exchange”" First and foremost, it is important to recognize that cryptocurrencies and digital assets are fundamentally different from traditional securities. They operate on decentralized networks, utilizing blockchain technology to provide transparency, security, and immutability. The existing laws and regulations governing traditional securities are not directly applicable to these new digital assets. Therefore, it is crucial for regulators like the SEC to approach this space with a nuanced understanding of its unique characteristics. The SEC's proposal hints at gross overreach by misclassifying digital assets as securities and smart contracts as exchanges. Imagine a world where every website or application on your Windows/mac device was regulated by unelected officials influenced by unelected lobbyists who function at the behest of personal motivations. Open-sourced applications and technologies are part of the free world. The looming specter of increased regulatory uncertainty has placed undue burdens on DeFi platforms, innovative developers, and me personally. Now, the broadened definition of an "exchange" will inadvertently bring a plethora of DeFi platforms under the purview of SEC oversight, dampening the spirit of innovation that fuels this domain and granting unnecessary overreach.