SEC Unshackles Digital Asset Interfaces — What the New Broker-Dealer Guidance Means for DeFi and Every Digital Asset Platform

Whether a software interface that provides access to digital asset transactions triggers a requirement to register as a “broker” or “dealer” has been one of the most contested questions at the intersection of securities law and digital asset technology. On April 13, the Staff of the Division of Trading and Markets issued a staff statement that for the first time sets out specific conditions under which a crypto user interface provider can operate without registering as a broker-dealer under... By: Paul Hastings LLP