SEC Shifts Approach to DeFi Regulation with A-C-T Strategy

The US Securities and Exchange Commission (SEC) has introduced a new strategy to regulate decentralized finance (DeFi) platforms. The A-C-T strategy, which stands for Advance, Clarify, and Transform, aims to provide clear rules for DeFi platforms, software interfaces, and on-chain markets.

One of the key aspects of this new policy is the SEC's stance on software interfaces and decentralized applications. According to the new guidelines, a platform can avoid registration as a broker-dealer if it operates through pre-set and publicly known parameters, without controlling order routing or transaction outcomes.

This shift in the SEC's tone signals a significant recognition of blockchain infrastructure as a distinct technological layer, rather than just an unregulated financial sector. The new policy also includes a five-tier classification for crypto assets, dividing tokens into digital securities, digital commodities, 'utility' tokens, NFT collections, and stablecoins.