US DeFi coalition urges SEC to formalize guidance

A coalition of more than 20 crypto companies and organizations, led by the U.S. crypto lobbying group the DeFi Education Fund (DEF), has asked the U.S. Securities and Exchange Commission (SEC) to formalize its guidance on DeFi interfaces into official regulations. According to Eleanor Terrett, host of "Crypto in America," the group stated that informal guidance is insufficient to ensure long-term regulatory clarity. The SEC previously issued guidance suggesting that some DeFi front-ends and wallets may not be subject to broker-dealer regulations. However, the industry is concerned that without formal rules, the SEC could later expand its definition of a broker to include software developers.