Fast forward two years and fears about the broker definition have come true. It’s clear that the Treasury decided to broaden the scope of what it deems a broker irrespective of the statutory language set by Congress. While there are many in the digital assets industry that do fit the natural and traditional understanding of the term “broker,” such as centralized, custodial exchanges, it is obvious that others, such as decentralized finance (DeFi) software developers and non-custodial wallet software providers, shouldn’t be swept up by this definition.