SEC Staff Carves Out a Path: Crypto Interface Providers May Not Be Broker-Dealers

On April 13, 2026, the Staff of the SEC's Division of Trading and Markets issued guidance (the "Guidance") setting out the conditions under which providers of covered user interfaces ("CUIs"), including DeFi front ends and self-custodial wallet-embedded trading tools, may operate without registering as broker-dealers under Section 15(a) of the Securities Exchange Act of 1934.... By: Jones Day