Here were my top take-aways from the discussion:

The SEC exists for consumer protection and views each case from the perspective of the end user, not the developer or entrepreneur.

How you describe and promote something you create— whether it’s a token, an exchange, or something similar— will have a big impact on how it’s classified and regulated by the SEC.

A developer who created the interface for interacting with a decentralized protocol, even if they didn’t create or own the protocol itself, can still be culpable if they promote that interface to consumers. For example, someone that created and hosted a website for interacting with the EtherDelta smart contracts might still be charged with running an unregistered exchange.

The SEC and other regulatory bodies make themselves available! If you’re building something and there’s regulatory uncertainty, you can get in contact with them.