The US Securities and Exchange Commission has introduced a new policy allowing certain DeFi interfaces to avoid broker-dealer registration, signalling a more permissive regulatory stance.
The guidance permits user interfaces that facilitate on-chain transactions to operate without registration, provided they do not custody funds, steer trades, or offer financing, among other requirements.
“Crypto is forcing the Commission to confront its inner demons that have driven it toward ever more expansive readings of the securities laws,”
Said Hester Peirce.
The move marks a shift from the SEC’s earlier position, where such interfaces were often viewed as intermediaries subject to traditional securities regulation.
Industry leaders welcomed the change, with executives from firms like Consensys calling it a major step forward for decentralised finance.
The policy also signals the SEC is advancing its crypto agenda independently, even as the proposed Clarity Act remains stalled in the US Senate.
The development highlights growing regulatory support for DeFi innovation while broader legislative frameworks for crypto markets remain unresolved.