The U.S. Securities and Exchange Commission has drawn a regulatory line in the sand for decentralized finance interfaces. Starting April 2026, DeFi front-ends and crypto trading platforms must either comply with strict broker-dealer exemptions or face registration requirements. The five-year policy window gives the industry time to adapt—but leaves no ambiguity about the SEC's jurisdictional claims over crypto securities trading.

Covered platforms include wallet extensions, mobile apps, and other interfaces facilitating direct transactions from self-custodial wallets. The rules explicitly ban order routing or decision-making on users' behalf. Transaction parameters like slippage tolerance and gas fees must remain under user control, with educational resources required to explain these mechanics.

Perhaps most critically, the guidance prohibits any form of transaction recommendations or solicitations. This strikes at common DeFi practices like yield farming prompts or token swap suggestions. The SEC's move effectively demands that interfaces become neutral conduits rather than active market participants.