STRONG staff statement from the SEC today laying out that “covered user interfaces” *do not* need to register as a broker-dealer when UIs—including self-custody wallet interfaces—display quotes and execution routes to the user, “selects one or more default trading venues,” charges a fixed fee based on objective factors, and other circumstances listed. The DEF team is grateful to the SEC Crypto Task Force for this much-needed guidance, and for engaging with digital asset industry participants as they develop regulatory frameworks that enable and incentivize innovation. We look forward to continued collaborations with the SEC, as we are hopeful this staff guidance can be codified into a durable rule or law.(DeFi Education Fund)