The U.S. Securities and Exchange Commission (SEC) has clarified that certain decentralized finance (DeFi) interfaces can operate without broker-dealer registration under specific conditions. The SEC's Division of Trading and Markets stated that crypto trading interfaces, including DeFi front-ends, wallet extensions, and mobile apps, may qualify if they do not engage in order routing, provide investment advice, hold user assets, and maintain fixed, neutral fee structures. This guidance specifically applies to self-custodial wallet interfaces and is set to remain effective for five years unless further action is taken by the SEC. The clarification aims to provide regulatory certainty for developers and operators of DeFi platforms, ensuring compliance while fostering innovation in the crypto space.