The US SEC released guidelines on cryptocurrency assets on April 13th Clearly defined under specific conditions DeFi front-end does not require registration as a broker and establishes a five-year 'safe harbor' mechanism. Uniswap and other DEX front-end, wallet built-in Swap, DEX aggregator, browser plugin, and mobile app, if meeting the conditions, will be considered neutral software tools and exempt from brokerage business registration obligations. The exemption conditions include: ❌ Not holding or controlling user assets ❌ Not actively soliciting specific transactions ❌ Not providing investment advice ✅ Fully disclose expenses, conflicts of interest, and slippage/EV risks However, this guideline only applies to the registration requirements of brokers and will automatically expire after five years. It does not have legal effect and there is still a risk of policy reversal in the future when there is a change in regulatory authorities.