The SEC announced a new policy on Monday that exempts specific decentralized finance interfaces from essential registration requirements, signaling the regulator’s commitment to advancing its crypto agenda independently of Congress. This proactive step, detailed in an SEC staff statement, allows user interfaces for DeFi tools to bypass broker-dealer registration if they meet certain criteria. According to the SEC, these user interfaces—created by crypto companies—are designed to facilitate transactions for self-custodial wallet holders.
Under the previous administration led by President Donald Trump, such interfaces were deemed within the SEC’s jurisdiction since they involved a crypto company connecting DeFi users to marketplaces. Industry leaders have long contended that these interfaces should not be equated with traditional brokers like Charles Schwab.
With this new guidance, crypto advocates appear to have achieved their goal. If an interface complies with specific conditions, the SEC will not require registration for companies behind those interfaces, even when dealing with securities.
To qualify, an interface must refrain from handling or holding user funds; arranging financing; soliciting users for specific crypto transactions; or pressuring users toward particular transaction paths. It should also offer multiple transaction execution options based on objective criteria like price and charge only flat or fixed rates for transaction assistance.
“Crypto compels the Commission to address its inherent tendencies towards broad interpretations of securities laws,” remarked SEC Commissioner Hester Peirce, a crypto supporter, regarding the staff statement. “Recent history shows a disarray of no-action letters and enforcement actions that have stretched the definition of ‘broker’ beyond recognition.”
Decentralized finance leaders praised the announcement as significant progress for their sector.
“The guidance is pivotal not just for its content but for its implications,” tweeted Matt Corva (@MattCorva) on April 13, 2026. “For decades, our system relied on centralized intermediaries that once added value. Now, with technology like auditable smart contracts, the need for…”
“A challenging day for gatekeepers and moat protectors,” said Amanda Tuminelli, executive director of the DeFi Education Fund, on Monday. “A good day for builders.”
“This is a landmark moment,” Matt Corva, general counsel at Consensys, declared. (Note: Consensys is among several investors in an editorially independent Decrypt.)
“If decentralized applications fulfill their potential,” he continued, “mark this as the day when centralized intermediaries faced significant competition.”
Miles Jennings, head of Andreessen Horowitz’s crypto division, described the SEC statement as a “significant victory for DeFi.” Other industry leaders highlighted that the SEC is advancing its core crypto strategies without specific Congressional guidance.
While SEC Chair Paul Atkins has supported the Senate’s pending crypto market structure bill, he maintains that legislative passage isn’t necessary to pursue his pro-crypto agenda. The Senate bill, known as the Clarity Act, remains stalled due to various challenges. As November’s midterms near, advocates of the bill have cautioned that it may not be enacted if delayed further.