The SEC has once again bound encryption: a purely neutral "interface tool" does not equate to a broker, and will not be considered a licensed "platform" just because it helps users prepare trades. A staff statement released by the SEC's Trading and Markets Department provides regulatory clarity for user interface providers of certain cryptocurrency securities trading: under certain conditions, these interface providers do not need to register as broker dealers. The specific condition is that these tools must ensure that they do not safeguard user funds or assets, do not provide investment advice, do not route, match or execute orders, only charge fixed and neutral fees, and allow users to trade completely independently, This exemption is essentially the first time that the SEC has clearly drawn a line - "self custody+pure interface" does not equal brokers, loosening the restrictions on pure "interface layer" tools such as DeFi front-end, DEX aggregator, non custodial wallets, browser plugins, etc., so that they do not have to worry about being required to obtain licenses for helping users "prepare transactions". This is a clear regulatory signal that the crypto industry has been waiting for a long time, especially beneficial for the non custodial ecosystem. The statement will take effect from April 13, 2026 and will be automatically withdrawn 5 years later (April 13, 2031) unless the SEC takes further action. This gives the industry 5 years to test and innovate, and also gives the SEC time to observe the effects.