Crypto leaders urge SEC to formalize DeFi guidance

The DeFi Education Fund and 35 other crypto industry leaders are pressing the U.S. Securities and Exchange Commission (SEC) to transform its recent guidance on decentralized finance (DeFi) interfaces into formal rulemaking. The SEC's earlier statement clarified that certain user interfaces, like DeFi wallets, do not require broker-dealer registration. While acknowledging this as a positive step, the industry groups expressed concern that the current guidance may lack long-term stability. They are advocating for the adoption of a principles-based framework with clear criteria to define when specific activities fall under the definition of a "broker."