#SEC称部分Defi界面可免经纪商注册

On April 13, 2026, the U.S. SEC Division of Trading and Markets issued a staff statement clarifying that certain self-hosted user interfaces, such as DeFi front-ends and wallet extensions, can be exempt from registration as broker-dealers if they meet a series of strict conditions. This move aims to provide clear guidance for the DeFi industry, which faces long-term regulatory uncertainty, and takes effect immediately with a validity period of five years.

The core of compliance is that the interface must maintain absolute neutrality and technical purity: it must not custody user funds, provide any investment advice or trading recommendations, route or execute orders on behalf of users, charge fees only at a fixed rate, and fully disclose fee structures and conflicts of interest. Any entities involved in matching trades, custody of funds, order routing, or actively soliciting specific transactions must still complete full registration.

This guidance substantively reduces compliance costs and entry barriers for the DeFi ecosystem. Previously, the costly broker registration and compliance processes were nearly impossible for decentralized teams, but the new regulation recognizes the technical nature of non-custodial applications, allowing them to focus on product innovation rather than regulatory compliance. However, it is important to note that this statement is only an staff opinion and does not have the legal authority of formal rules, and it may be withdrawn or replaced within five years. SEC Commissioner Hester Peirce also pointed out that she prefers to see formal rulemaking rather than temporary staff guidance. Therefore, while it provides short-term relief for the industry, the long-term regulatory direction remains a subject for ongoing attention.