INTRODUCTION The aim of this framework is to provide a brief, functional overview of the different DeFi ecosystem functions performed by various persons and how they might be regulated. Clarity on all the different ‘DeFi functions’ is crucial as a starting point for constructive discussion of potential “DeFi regulations”. Personally, I am opposed to all DeFi regulations other than notice & disclosure regimes for key major players. Nevertheless, it is all our interests to have a common understanding and vocabulary when discussing potential DeFi regulations.