SEC division exempts some DeFi from broker-dealer registration

The U.S. Securities and Exchange Commission's (SEC) Division of Trading and Markets has issued guidance exempting certain DeFi protocols and non-custodial wallets from broker-dealer registration requirements, according to Wu Blockchain. Under the new guidance, a DeFi protocol is exempt if it solely provides an interface without handling orders or taking custody of assets. The exemption is valid for five years.