A coalition of over 30 crypto firms and advocacy groups has submitted a letter to the US Securities and Exchange Commission (SEC) urging it to convert informal guidance on decentralized finance (DeFi) interfaces into binding rules.
The group, led by DeFi Education Fund, argues that formal rulemaking would provide clarity and protection for developers, investors, and blockchain infrastructure players. According to the coalition, informal guidance alone cannot offer lasting protection, and a future SEC administration could revisit and expand the definition of 'broker' to include software developers.
The coalition points out that the SEC's recent staff statement on DeFi interfaces, while welcome, is an interim measure with no binding legal weight. They argue that formal rulemaking would create durable, technology-neutral standards and give developers and businesses a reliable framework to build around.
Moreover, the group notes that the SEC's recently formed Crypto Task Force has encouraged technical briefings across the agency and welcomed diverse perspectives from the industry. They express hope that this openness will translate into formal rulemaking that reflects the technical realities of decentralized systems.