The commission is not excluding any particular type of securities, including crypto asset securities, from the application of the final rules...The dealer framework is a functional analysis based on the securities trading activities undertaken by a person, not the type of security being traded.
Absent an exemption or exception, if anyone trades in a manner consistent with de facto market making, it must register with us as a dealer - consistent with Congress's intent...Whether there is a dealer involved in any particular transaction or structure (whether or not referred to as so-called DeFi) is a facts and circumstances analysis...There is nothing about the technology used, including distributed ledger technology based protocols using smart contracts, that would preclude crypto asset securities activities from falling within the scope of dealer activity.
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