DeFi doesn’t have to worry about the SEC’s expanded broker rules.

Traditionally, there has been a distinction between investors who engage in directional trading (e.g. betting that some stocks will rise or fall) and dealers (usually large institutions that buy both sides of the market to provide liquidity for traders). The previous definition of broker included any firm “engaged in the buying and selling of securities as part of its regular business,” with “regular business” essentially meaning market-making services.