SEC Clears Path for DeFi Front-Ends to Operate Without Broker-Dealer Registration

TLDR: SEC staff said DeFi front-ends may skip broker-dealer registration if strict operational conditions are met. Providers must charge fixed, neutral fees and cannot accept payment for order flow from third parties. Covered User Interfaces must not route orders, hold user funds, or offer any investment recommendations. The SEC guidance takes effect April 13, 2026, [...]

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