Crypto Industry Pushes SEC to Codify DeFi Exemption Amid Wall Street Resistance

Over 35 crypto firms and groups have sent a letter urging the SEC to formalize its April 13 guidance exempting certain non-custodial DeFi frontends from broker-dealer registration via notice-and-comment rulemaking for lasting clarity. This follows an April 24 petition by the DeFi Education Fund and 35 co-signatories, including a16z and Uniswap, alongside Ethereum's EIP-8182 privacy proposal. Opposition from Wall Street players like SIFMA and Citadel could fuel ETH volatility, while success might boost DeFi growth and Ethereum demand.