The group is calling on the SEC (U.S. securities regulator) to formally distinguish DeFi (blockchain-based financial services) user interfaces from broker-dealers under securities rules.
The DeFi Education Fund and 35 industry leaders are urging the SEC (U.S. securities regulator) to formally define the difference between DeFi (blockchain-based financial services) user interfaces and broker-dealers. The request centers on whether front-end tools that help users access decentralized protocols should be treated the same as regulated intermediaries that execute securities transactions for clients. The push reflects a broader policy debate over how securities law applies to decentralized software, especially where interfaces provide access but may not take custody of assets or directly handle trades.