Just caught something worth paying attention to from Eleanor Terrett's reporting. Over twenty crypto companies and advocacy groups are basically pushing back on the SEC about how they're handling DeFi regulation.

Here's the situation: The SEC has been dropping informal guidance saying that some non-custodial interfaces like DeFi frontends and wallets might not need to be registered as broker-dealers. Sounds good on the surface, right? But the DeFi Education Fund and this coalition of projects are saying that's not enough. They want actual formal rules, not just staff guidance that could change the moment new leadership walks in.

The real concern Eleanor Terrett and others are highlighting is pretty straightforward - without locked-in formal rules, the next SEC chair could just flip the script and suddenly decide that software developers and infrastructure providers need to register as brokers too. That would basically kill a lot of what makes DeFi development possible.

It's one of those regulatory situations where the industry is trying to get ahead of potential chaos. Formal rulemaking takes time, but it at least creates some stability and predictability. Right now it feels like everyone's just operating in this gray zone waiting to see what happens next. The fact that this many projects are coordinating on this tells you how serious they think it is.