Gate News message, April 24 — The DeFi Education Fund and 35 other crypto industry leaders are pressing the Securities and Exchange Commission to formalize its recent decentralized finance interface guidance into official rulemaking, according to a letter sent to the SEC this week.
On April 13, the SEC’s Division of Trading and Markets released a staff statement clarifying that certain user interface providers, such as DeFi wallets, do not need to register as broker-dealers. The statement outlined scenarios where an interface could still be considered a broker-dealer, including if it solicits investors, makes investment recommendations, or influences order routing decisions.
The crypto groups called for a principles-based framework with clear, objective criteria to define when activity falls within the “broker” definition. “Finalizing these principles would provide the legal certainty needed to support responsible innovation while preserving the Commission’s ability to regulate intermediaries that pose risks the broker-dealer regulatory regime was designed to address,” they stated in the letter.
Signatories included Crypto Council for Innovation, the Blockchain Association, Solana Policy Institute, Aave Labs, Andreessen Horowitz, Uniswap Labs, and Mysten Labs. While the groups acknowledged the SEC statement as “an important step,” they warned that informal guidance may lack staying power: “Reliance on informal guidance has its own risks. It is critically important that the Commission prevent an overly expansive interpretation of the term ‘broker’ from existing now or being revived in five years.”
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