Crypto Groups Jointly Request SEC to Establish DeFi Regulations

On April 24, the DeFi Education Fund, along with several other crypto advocacy organizations, officially sent a joint letter to the U.S. Securities and Exchange Commission (SEC), requesting the initiation of a formal DeFi rule-making process based on recent statements. Previously, the SEC’s Division of Trading and Markets had clearly indicated that certain software user interfaces used for trading cryptocurrencies do not need to register as broker-dealers, thereby giving a green light to such activities. The joint letter calls on the SEC to solidify these principles into an objective and clear framework through announcements or comment-based rule-making, specifying which activities fall under the definition of ‘broker,’ while excluding infrastructure service providers such as validators, API and RPC providers, oracles, and cloud services. This would provide developers with long-term legal certainty and avoid reliance on temporary guidance. Under the leadership of current Chairman Paul Atkins, the SEC has adopted a positive and open attitude towards digital asset innovation, contrasting sharply with the previous administration’s repressive stance, and the industry has also played an important role in the rule-making process.