BroadChain learned that at 00:02 on April 25, multiple cryptocurrency advocacy organizations, including the DeFi Education Fund and the Digital Chamber of Commerce, recently jointly submitted a letter to the U.S. Securities and Exchange Commission (SEC), requesting the initiation of a formal DeFi rulemaking process. Previously, the SEC's Division of Trading and Markets had clearly stated that some software user interfaces used for cryptocurrency trading do not need to register as broker-dealers.
The joint letter urges the SEC to translate the above principles into an objective and clear framework, through announcements or notice-and-comment rulemaking, to clearly define the term "broker" while excluding infrastructure service providers such as validators, API and RPC providers, oracles, and cloud service providers. This move aims to provide developers with long-term legal certainty, moving away from reliance on temporary guidance.
Under the leadership of current SEC Chair Paul Atkins, the agency has adopted a positive and open attitude toward digital asset innovation, in stark contrast to the enforcement-heavy approach of the previous administration, and industry participants are actively pushing forward the rulemaking process.