Broker registration is the formal process by which financial intermediaries obtain official authorization to conduct brokerage activities. This regulatory requirement ensures that entities dealing in securities or commodities meet specific operational and ethical standards. It provides a framework for oversight and investor protection within traditional markets.
Context
The application of broker registration rules to digital asset platforms remains a central point of contention for regulators globally. Authorities are examining whether existing securities laws apply to various crypto offerings, potentially requiring platforms to register as broker-dealers. This regulatory ambiguity creates compliance challenges and influences market structure for digital asset intermediaries.
The SEC's dismissal with prejudice of the Coinbase case significantly de-risks US exchange operations, signaling a pivot from enforcement to a new legislative framework.
The proposed intermediary classification would fundamentally re-architect DeFi, mandating KYC/AML and broker-level compliance for nearly all US-facing protocols.
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