According to crypto journalist Eleanor Terrett, more than twenty crypto companies and advocacy organizations led by the DeFi Education Fund are calling on the SEC to formalize recent guidance on DeFi interfaces into official rules, arguing that informal statements are insufficient to provide long-term certainty. Previously, SEC Trading and Markets staff had indicated that some non-custodial user interfaces (such as DeFi frontends and wallets) may not fall under broker-dealer regulatory requirements. The coalition warns that without formal rules, future SEC leadership could expand the definition of "broker" to include software developers and infrastructure providers, thereby stifling innovation.