On April 25, PANews reported that the DeFi Education Fund, along with Aave Labs, Uniswap Labs, Paradigm, Andreessen Horowitz, and other institutions, sent a letter to the U.S. Securities and Exchange Commission (SEC) in response to the recent statement issued by the Department of Trading and Markets regarding the registration of brokers with "non-custodial user interfaces" for crypto asset securities. The signatories support the statement's exclusion of "non-custodial user interfaces" that only provide technical access and allow users to manage their assets independently from broker registration. They also urge the SEC to establish formal rules to provide a clearer and more sustainable definition of "broker," avoiding the erroneous inclusion of neutral software tool providers, validators, RPC/APIs, oracles, cloud services, and other infrastructure in broker regulation, thereby providing long-term legal certainty for blockchain infrastructure innovation while ensuring investor protection.

Previously, the SEC's Markets and Trading Division stated that some DeFi trading interfaces would not require registration as brokers, providing policy space for related applications. Meanwhile, supporters believe the new regulations could cover infrastructure participants such as validators, APIs, and oracles. Currently, the US crypto market legislation, the Clarity Act, is blocked in the Senate.