# SEC Guidance On DeFi Front Ends *The SEC says certain DeFi front-end interfaces do not need to register as broker-dealers.* By [ETH Daily](https://ethdaily.io) · 2026-04-14 news, 2026, april2026 --- Quick Take ---------- * SEC guidance on DeFi front ends. * Scroll to dissolve its security council. * Dappnode reduces smooth pool fee. * Bitmine holds 4% of the ETH supply. * * * [ SEC Guidance On DeFi Front Ends ------------------------------- Listen to this episode from Ethereum News on Spotify. The SEC issues guidance on DeFi front ends. Scroll seeks to dissolve its security council. Dappnode reduces its smooth pool fee. And Bitmine now holds 4% of the ETH supply. Read more: https://ethdaily.io/924 Sponsor: Lido Earn lets you deploy ETH or stablecoins into curated DeFi strategies for optimised yield. https://spotify.com ![SEC Guidance On DeFi Front Ends](https://storage.googleapis.com/papyrus_images/1b8ca568d3f081fb126feb8e5df111d7135814f07f4f3f13287e9381443b087c.jpg) ](https://open.spotify.com/episode/3g5T8GuWt0POhfhE0dxMqu) * * * Sponsored by ------------ [![](https://storage.googleapis.com/papyrus_images/81f33d00a6b2ca439a0c600e476f7ed085d865617c3c00a46875ed73b4c50710.jpg)](https://stake.lido.fi/earn) Lido Earn lets you deploy ETH or stablecoins into curated DeFi strategies for optimised yield. Two vaults, daily rewards, automatic compounding, and first-loss protection. Get started on [stake.lido.fi/earn](https://stake.lido.fi/earn) * * * SEC Guidance On DeFi Front Ends ------------------------------- The SEC [published](https://www.sec.gov/newsroom/speeches-statements/staff-statement-regarding-broker-dealer-registration-certain-user-interfaces-utilized-prepare-staff-statement-regarding-broker-dealer-registration-certain-user-interfaces-utilized) a staff statement clarifying that certain crypto front-end interfaces do not need to register as broker-dealers under the Securities Exchange Act. The staff says it will not object to DeFi providers operating without registration if they function strictly as neutral tools rather than intermediaries. The guidance applies to “covered user interface” providers that do not offer advice, do not handle user funds or execute transactions, and present market data and routing options based on objective, pre-disclosed criteria. Front-end fees must also be fixed and paid solely by the user. The guidance is also temporary, set to expire in April 2031. Scroll To Dissolve Security Council ----------------------------------- Scroll, an EVM-equivalent ZK rollup, [proposed](https://forum.scroll.io/t/governance-update-security-council-transition-contributor-roles-operational-adjustments/1470) dissolving its 12-member Security Council and shifting protocol control to a Scroll Admin multisig. Notably, the team aims to make the change within 10 days. According to L2Beat [researcher](https://x.com/donnoh_eth/status/2043746824268239352) donnoh.eth, the change would downgrade the network from Stage 1 to Stage 0 decentralization. Scroll cited high operational costs as the main reason, aiming to streamline governance and redirect resources toward product growth. Scroll is also cutting several DAO contributor roles, including marketing, program coordination, and accountability positions. The proposal comes amid the recent departure of EtherFi to OP Mainnet. Dappnode Reduces Smooth Pool Fee -------------------------------- Dappnode [reduced](https://x.com/dappnode/status/2043708670836441510) the fee for Smooth, its MEV smoothing pool for solo Ethereum stakers, from 7% to 5%. Smooth enables stakers to pool and share execution layer rewards, like MEV and block rewards, smoothing out the typically uneven payouts and improving overall returns. TheDAO Fund also committed 69,420 ETH to the pool, helping deliver consistent rewards for solo stakers. Despite a decline in MEV opportunities, Smooth still [outperformed](https://x.com/Pol_Lanski/status/2043751347749863618) solo staking by ~78% over the past year in terms of execution rewards. Bitmine Holds 4% Of ETH Supply ------------------------------ Bitmine Immersion Technologies Inc. digital asset treasury now holds 4% of the total Ethereum supply. The 4,874,858 ETH holdings are valued at over $11.4 billion. BitMine continues its accumulation strategy, progressing toward its long-term goal of owning 5% of the total ETH supply, roughly 6 million ETH. Corporate treasuries collectively hold more ETH than Ether ETFs. Other News ---------- * Ethereum [hits](https://x.com/everstake_pool/status/2043681012794733023) 3.6m daily txs * Shielded BOLD [through](https://x.com/LiquityProtocol/status/2041893721378320847) RailGun * Aave v4 [hits](https://x.com/aave/status/2043632665719460016) $20m TVL * Kraken security [update](https://x.com/c7five/status/2043720915330969743) * Clanker [Ecosystem Fund](https://x.com/farcaster_xyz/status/2043803845667762638) * Reah [introduces](https://x.com/ReahPlatform/status/2043725465144475776) neobank * Hyperbridge DOT [exploit](https://x.com/officer_secret/status/2043553945453297703)  * Dango $1.9m [exploit](https://x.com/dango/status/2043710283244331409) * WLFI [threatens](https://x.com/worldlibertyfi/status/2043351375640182862) to sue Justin Sun * * * Disclaimer: Content is for informational purposes only, not endorsement or investment advice. The accuracy of information is not guaranteed. --- *Originally published on [ETH Daily](https://ethdaily.io/924)*