Historic moment. The U.S. Securities and Exchange Commission (SEC) just officially granted exemptions to DeFi, including DEXs like Uniswap, on-chain transactions built into wallets, and aggregator apps. These no longer need to register as broker-dealers. According to the statement, if an on-chain tool only provides buy/sell transaction functionality and funds remain fully controlled and managed by the user, it will not be classified as a broker-dealer. However, the condition is that the tool provider cannot recommend specific tokens, prioritize certain transaction routes, or offer rebates for different pools. All rankings and displays must be based on objective criteria, such as the best price or processing speed. This statement is seen as a limited concession by the SEC in crypto regulation. It provides a viable compliance pathway for on-chain wallets and DEX applications, helping them enter the U.S. market. That said, it’s important to note that this statement is a transitional opinion, valid for a maximum of five years. During this period, the SEC will continue to work on a more comprehensive crypto regulatory framework, meaning the rules could still change at any time.