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SEC non-custodial UI guidance added to 5 DeFi research pages
The April 2026 SEC staff guidance that non-custodial crypto interfaces can operate without broker-dealer registration was integrated into the Regulatory Risk sections of 5 DeFi research pages (Aave, Morpho, Maker, Maple, Ethena). Caveats on permissionless-market and integration-with-custodial-venues edge cases noted.