DeFi Shouldn’t Have to Worry About the SEC’s Expanded Broker Rule

Historically, there was a distinction between buyers, who make directional trades (i.e. betting some inventory will go up or down) and sellers, usually giant establishments that purchase either side of the market to supply liquidity for these merchants. The previous definition of a dealer included any firm “engaged in shopping for and promoting securities … as part of an everyday enterprise,” with “common enterprise” primarily referring to the service of market making.