U.S. Proposes Exempting Non-Custodial DeFi Projects From Mandatory SEC Registration

Coinspaidmedia2025/08/14 18:20

By:Coinspaidmedia

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!

A welcome pack worth 6200 USDT for new users! Sign up now!

Andreessen Horowitz and the DeFi Education Fund submitted a petition to the U.S. Securities and Exchange Commission (SEC) proposing that decentralized applications (dApps) that don’t perform intermediary functions be exempted from broker registration requirements.

U.S. Proposes Exempting Non-Custodial DeFi Projects From Mandatory SEC Registration image 0

Venture firm Andreessen Horowitz (a16z) and the advocacy group DeFi Education Fund (DEF) presented the SEC with a “safe harbor” framework. It envisions a special regime for DeFi services and NFT apps that act as technical interfaces for interacting with blockchain networks and smart contracts, but don’t hold user assets or provide investment advice.

The authors note that the legal uncertainty surrounding such applications in the U.S. stifles industry growth and increases risks for developers. The proposed “safe harbor” would apply only to dApps meeting four conditions:

Non-custodial design. Users retain full control of assets, developers don’t have access to private keys or funds.
No discretion. Transaction routing and parameters are determined by objective algorithms, the final decision rests solely with the user.
No active solicitation or providing investment recommendations. The interface displays only neutral information without promoting or highlighting specific assets.
Integration with decentralized protocols. Only autonomous, permissionless, non-custodial systems are used, preventing unilateral operational control.

The proposal cites the SEC vs. Coinbase case , where the court ruled that wallet functionality without access to funds and without the ability to execute transactions without user approval does not constitute broker activity. Representatives from a16z and DEF believe that codifying a “safe harbor” would provide regulatory predictability, allow the SEC to focus on genuinely risky projects, and preserve opportunities for developing DeFi apps and NFT services in the U.S. without excessive legal barriers.

In March of this year, the U.S. House of Representatives voted to repeal the rule requiring all DeFi platforms to submit financial information about their users to the IRS.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.

Trade now！

After the CPI was released, the market-implied rate hike probability first rose to 50% before falling back to 40%. Wall Street generally believes that whether action will be taken in October still depends on how the Federal Reserve assesses inflation trends. "The New Fed News Agency" noted that, unlike in August when price increases were concentrated in certain items, the stronger-than-expected performance of September's core CPI was more broad-based, further reinforcing the case for a December rate hike. The speech by Waller on Friday morning Beijing time is his last public statement before the Fed's blackout period ahead of this month's meeting. Economists are warning about an "inflation spiral," with real purchasing power and midterm election pressures interweaving.

华尔街见闻•2026/10/14 23:02

The calm period in the US stock market is over! The S&P 500 ends its record of 53 consecutive trading days without a drop of over 1%. AI stock sell-off intensifies market concerns.

The S&P 500 Index fell by 1.1%, ending a streak of 53 consecutive trading days without a drop of 1% or more. This was the longest period of calm since January 2020.

智通财经•2026/10/14 22:37

Federal Reserve Beige Book: U.S. economy expands moderately but inflationary pressures intensify; AI boosts productivity curbing some corporate hiring demand

The latest Beige Book released by the Federal Reserve on Wednesday shows that overall economic activity in the United States continues to grow, but performance varies across regions. Consumer spending remains generally weak, and there has been little change in the labor market.

智通财经•2026/10/14 22:36

Overnight US Stocks | September Inflation Remains High, Major Indexes Decline, Coreweave (CRWV.US) Drops Over 15%

At the close, the Dow Jones Industrial Average fell by 47.96 points, or 0.09%, to 51,622.14 points; the S&P 500 Index dropped by 85.95 points, or 1.10%, to 7,719.50 points; and the Nasdaq Composite Index declined by 511.51 points, or 1.88%, to 26,692.87 points.

智通财经•2026/10/14 22:36