Dow Protocol(@DowProtocol):Clearer boundaries between user interfaces and regulated intermediation are helpful for the industry. They make it easier to understand what different parts of the stack are actually doing, and where regulatory obligations should sit. That matters for builders, institutions, and users alike, especially as digital finance moves beyond trading into payment, settlement, and other transaction flows. If onchain financial infrastructure is going to become more usable in practice, this kind of role clarity is part of the foundation.

2026.04.29 08:05

Clearer boundaries between user interfaces and regulated intermediation are helpful for the industry. They make it easier to understand what different parts of the stack are actually doing, and where regulatory obligations should sit. That matters for builders, institutions, and users alike, especially as digital finance moves beyond trading into payment, settlement, and other transaction flows. If onchain financial infrastructure is going to become more usable in practice, this kind of role clarity is part of the foundation.

DeFi Education Fund@fund_defi

2026.04.13 16:07

STRONG staff statement from the SEC today laying out that “covered user interfaces” *do not* need to register as a broker-dealer when UIs—including self-custody wallet interfaces—display quotes and execution routes to the user, “selects one or more default trading venues,” charges a fixed fee based on objective factors, and other circumstances listed. The DEF team is grateful to the SEC Crypto Task Force for this much-needed guidance, and for engaging with digital asset industry participants as they develop regulatory frameworks that enable and incentivize innovation. We look forward to continued collaborations with the SEC, as we are hopeful this staff guidance can be codified into a durable rule or law.