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SEC: Staff Statement Regarding Broker-Dealer Registration of Certain User Interfaces Utilized to Prepare Transactions in Crypto Asset Securities
WASHINGTON, April 14 -- The Securities and Exchange Commission issued the following statement on April 13, 2026:
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Staff Statement Regarding Broker-Dealer Registration of Certain User Interfaces Utilized to Prepare Transactions in Crypto Asset Securities
Division of Trading and Markets
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The Staff of the Division of Trading and Markets ("Staff") of the Securities and Exchange Commission ("Commission") is issuing the following statement[1] to provide its views on the broker-dealer registration requirements under Section 15(a) of the Securities Exchange Act of 1934 ("Exchange Act") with
... Show Full Article
WASHINGTON, April 14 -- The Securities and Exchange Commission issued the following statement on April 13, 2026:
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Staff Statement Regarding Broker-Dealer Registration of Certain User Interfaces Utilized to Prepare Transactions in Crypto Asset Securities
Division of Trading and Markets
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The Staff of the Division of Trading and Markets ("Staff") of the Securities and Exchange Commission ("Commission") is issuing the following statement[1] to provide its views on the broker-dealer registration requirements under Section 15(a) of the Securities Exchange Act of 1934 ("Exchange Act") withrespect to a person[2] that creates, offers, and/or operates certain interfaces utilized by users to, among other things, prepare transactions in crypto asset securities[3] ("Covered User Interface Providers").[4]
This statement is part of an effort to provide greater clarity on the application of the federal securities laws to activities involving crypto asset securities. The Staff is providing its views as an interim step while the Commission continues to consider various regulatory issues relating to crypto asset securities activities and the feedback it has received.[5] Accordingly, absent intervening action by the Commission, this statement will be considered withdrawn effective five years from April 13, 2026.
For further information, please contact the Staff by emailing TradingAndMarkets@sec.gov.
I. Covered User Interfaces
For purposes of this statement, a "Covered User Interface" is an interface provided by a website, browser extension, or other software application (e.g., mobile application) that may be embedded in a wallet[6] or separately available for download, designed to assist users[7] engaging in user-initiated crypto asset securities transactions on blockchain protocols (or blockchain-based smart contracts) utilizing the user's self-custodial wallet. Covered User Interfaces typically provide functionality with respect to any type of crypto asset transaction. This statement only addresses the use of a Covered User Interface for crypto asset securities transactions.
Specifically, it is the Staff's understanding that Covered User Interfaces prepare code enabling users to interact with blockchain protocols (or blockchain-based smart contracts) by converting user-identified crypto asset securities transaction parameters (e.g., buy/sell, volume, crypto asset security, and price or price range) into blockchain-legible commands for signature and transmission via the user's self-custodial wallet.[8] Covered User Interfaces may also provide users with market data, such as potential execution routes, asset prices, and estimated transaction costs (e.g., "gas" fees) for crypto asset securities transactions. Covered User Interface Providers generally charge users a fixed percentage per transaction. Covered User Interfaces may present educational material to users to help users formulate and set their desired crypto asset securities transaction parameters on a transaction-by-transaction or default basis. Covered User Interface Providers may solicit investors to use the Covered User Interface.
II. The Staff's View of Covered User Interface Activities Addressed by this Statement
Section 15(a) of the Exchange Act provides that, absent an exception or exemption, it is unlawful for any broker to induce or attempt to induce the purchase or sale of any security unless such broker is registered in accordance with Section 15(b) of the Exchange Act. Section 3(a)(4) of the Exchange Act generally defines a "broker" to mean any person engaged in the business of effecting transactions in securities for the account of others.
In circumstances where a Covered User Interface Provider takes the measures discussed below relating to its creation, offering, and/or operation of a Covered User Interface, the Staff will not object to the Covered User Interface Provider creating, offering, and/or operating a Covered User Interface without registering as a broker-dealer pursuant to Section 15(b) of the Exchange Act.
The Staff's view herein is expressly limited to the application of Section 15 of the Exchange Act to Covered User Interface Providers, including persons who create, offer, and/or operate self-custodial wallets with an associated Covered User Interface,[9] in the following circumstances:
* the Covered User Interface permits users to customize any default crypto asset security transaction parameters[10] and the Covered User Interface provides educational material to users to help users formulate and set their desired transaction parameters;
* the Covered User Interface Provider does not solicit investors to engage in any specific crypto asset securities transactions;
* the Covered User Interface Provider selects one or more default trading venues (e.g., limit order book matching systems, request-for-quote systems) or distributed ledger trading systems (e.g., automated market maker liquidity pools and/or liquidity aggregators) with which to connect or interact;
* to the extent that the Covered User Interface connects or interacts with one or more trading venues or distributed ledger trading systems that is created, offered, and/or operated, directly or indirectly, by the Covered User Interface Provider or its affiliates,[11] such affiliation is clearly disclosed to users, and the Covered User Interface connects or interacts with any such trading venue or distributed ledger trading system on the same terms and conditions as any other interface that is unaffiliated with or not provided by the Covered User Interface Provider;
* to the extent that the Covered User Interface displays only one potential execution route to a user, the Covered User Interface provides the user the ability to see additional routes, if applicable;
* to the extent that more than one potential execution route is displayed to a user, the Covered User Interface provides filtering or sorting tools that display potential routing destinations based on objective factors (such as alphabetically, lowest/highest price, or speed) and allows the user to sort based on such factors;
* the Covered User Interface does not provide commentary on any potential execution route(s) displayed to a user, such as indicating that an execution pathway offers the "best price" or is the "most reliable";
* for purposes of preparing a user's trading instructions and displaying market data related to potential execution routes, the Covered User Interface only uses software that operates based on pre-disclosed and objective parameters that are independently verifiable;
* aside from the functions described in this statement, the Covered User Interface does not exercise any control or discretion over, or engage in any decision-making regarding, the market information provided, or securities transactions;
* the Covered User Interface Provider limits its compensation associated with the Covered User Interface to a fixed charge to the user, which may be charged per crypto asset securities transaction (as a flat fee or percentage of the transaction) or as a flat fee, and is based on objective factors, applied consistently, and is product, execution route, execution venue, and counterparty agnostic;[12]
* the Covered User Interface Provider establishes policies, procedures, and controls that are reasonably designed to: (i) evaluate, onboard, and audit the trading venues and distributed ledger trading systems that the Covered User Interface will connect to or interact with for market data based on objective factors (e.g., liquidity, latency, transparency, verifiability, neutrality, auditability, and security), and (ii) evaluate, determine, and periodically reassess any default crypto asset security transaction parameters based on objective factors, and address any conflicts of interest or risks associated with any default crypto asset security transaction parameters; and
* the Covered User Interface Provider prominently discloses to the user, and promptly updates as necessary, all material facts related to: (1) the Covered User Interface Provider's role relating to its creation, offering, and/or operation of a Covered User Interface, including a prominent disclaimer stating that the Covered User Interface Provider is not registered with or regulated by the Securities and Exchange Commission relating to its creation, offering, and/or operation of a Covered User Interface; (2) the Covered User Interface Provider's fees associated with the use of the Covered User Interface, their calculation, and their structure; (3) material conflicts of interest associated with a crypto asset securities transaction and use of users' trading information by the Covered User Interface Provider or its affiliates; (4) any limitations associated with the use of the Covered User Interface, such as limitations, permissions, or restrictions regarding specific crypto asset securities, market data, and trading venues or distributed ledger trading systems available for user transactions; (5) the parameters used in the Covered User Interface's software for purposes of preparing a user's trading instructions and displaying market data related to potential execution routes; (6) the Covered User Interface Provider's current cybersecurity policies, procedures, and controls, if any, for the Covered User Interface (e.g., to minimize errors, prevent unauthorized access, and protect from internal and external threats); (7) the Covered User Interface Provider's policies, procedures, and controls, if any, to protect user trading information, including from potential fraud or manipulation (e.g., involving maximal extractable value ("MEV") strategies);[13] (8) the Covered User Interface's integration with trading venues or distributed ledger trading systems, including the names of such trading venues or distributed ledger trading systems and the Covered User Interface Provider's policies, procedures, and controls to evaluate, onboard, and audit such trading venues or distributed ledger trading systems; and (9) any default crypto asset security transaction parameters, including how they are determined, the associated risks, and conflicts of interest and the Covered User Interface Provider's policies, procedures, and controls to address any default crypto asset security transaction parameters and any associated conflicts of interest or risks.
Except as outlined above, this statement does not extend to a Covered User Interface Provider that engages in, or holds itself out as, providing any of the following services with respect to securities, including crypto asset securities:
* negotiating terms for any transaction;
* solicitating specific crypto asset securities transactions;
* making investment recommendations or providing advice;
* arranging for financing;
* processing trade documentation;
* conducting independent asset valuations;
* holding, having access to, handling, managing, or possessing user funds, securities, or stablecoins;
* executing or settling transactions; or
* taking or routing orders.
Establishing, maintaining, and enforcing policies and procedures relating to the operation of the Covered User Interface and maintaining books and records (such as by utilizing publicly available distributed ledger technology transaction records in coordination with the maintenance of internal, non-public books and records), may be helpful to a Covered User Interface Provider in demonstrating that it is creating, offering, and/or operating a Covered User Interface as described in this statement.
The Staff welcomes input and comments on all aspects of this statement. Members of the public who wish to provide their views on this statement may submit their comments electronically or on paper. Please submit comments using one method only. Information that is submitted will be posted on the SEC's website and all comments received will be posted without change. Persons submitting comments are cautioned that personal identifying information is not redacted or edited from comment submissions, and they should only submit information that they wish to make publicly available. All submissions should refer to File Number 4-894, and the file number should be included on the subject line if email is used.
Electronic Comments:
Use the SEC's online submission form or send an email to rule-comments@sec.gov with "File Number 4-894" included in the subject line.
Paper Comments:
Send paper comments to Vanessa Countryman, Secretary, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1090.
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[1]/ This statement represents the views of the Staff. It is not a rule, regulation, guidance, or statement of the Commission, and the Commission has neither approved nor disapproved its content. This statement, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person.
[2]/ For purposes of this statement, "person" has the same meaning as that in the Exchange Act. 15 U.S.C. Sec. 78c(a)(9).
[3]/ For purposes of this statement, a "crypto asset" is any digital representation of value that is recorded on a cryptographically secured distributed ledger. Crypto asset securities include tokenized versions of an equity or debt security. The foregoing definition of "crypto asset" is identical to the definition of "Digital Asset" in Section 2(6) of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, Pub. L. No. 119-27, 139 Stat. 419 (2025). See also Statement on Tokenized Securities (Jan. 28, 2026), https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities.
[4]/ As discussed further below, the Staff views described in this statement are limited to the broker-dealer registration requirements under Section 15(a) of the Exchange Act with respect to Covered User Interface Providers that create, offer, and/or operate certain crypto asset securities user interfaces, and do not apply to activities involving other securities.
[5]/ For additional information on the Commission's efforts addressing crypto asset securities and markets, see the Commission's Crypto Task Force website at https://www.sec.gov/about/crypto-task-force.
[6]/ For the purposes of this statement, a wallet is software or hardware that is used to store a crypto asset security investor's private key, which is used to engage in crypto asset securities transactions. A wallet is self-custodial if neither the provider of the wallet nor its associated Covered User Interface has custody of, or access to, the user's encrypted or decrypted private key. In some instances, the provider of a self-custodial wallet may also be the provider of a Covered User Interface.
[7]/ For purposes of this statement, the terms crypto asset securities "investor" and Covered User Interface "user" are used interchangeably.
[8]/ See, e.g., Letter from DeFi Education Fund Letter to the Crypto Task Force ("DeFi Education Fund Letter"), dated August 13, 2025, available at https://d2hguprl3w2sje.cloudfront.net/uploads/2025/08/a16z-Safe-Harbor-Proposal-Applications-August-13-2025.pdf.
[9]/ This statement does not address the Staff's views on persons that create, operate, and/or offer custodial wallets held on behalf of an investor with an associated Covered User Interface.
[10]/ These parameters could include parameters regarding price slippage, transaction costs (e.g., maximum "gas" fees, priority fees, and "tips"), and transaction time, among others. The Staff understands that "price slippage" refers to the difference between the quoted price of a transaction and the final price of the transaction at the time of execution.
[11]/ For purposes of this statement, the term "affiliate" means any person or entity who directly, or indirectly through one or more intermediaries, controls or, is controlled by, or is under common control with the Covered User Interface Provider.
[12]/ In other words, the Covered User Interface Provider does not receive any compensation based on the size, value, or occurrence of a crypto asset securities transaction from any person other than the user. This would preclude, among other things, receipt of payments for order flow by the Covered User Interface Provider.
[13]/ The Staff understands that entities with discretion over the sequencing of transactions in blocks, including blockchain validators, have an incentive to order transactions in a way that generates the highest fees for themselves (i.e., Maximum Extractable Value or Miner Extractable Value). Because validators exercise discretion in the ordering of transactions within a block, "users can offer high fees [to the validator] to influence their preferred sequence of transactions." President's Working Group on Digital Asset Markets, Strengthening American Leadership in Digital Financial Technology, at 27 (Jul. 30, 2025). The Staff understands that altered sequencing of transactions may be abused to the detriment of other users in certain so-called MEV strategies (e.g., in front running).
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Original text here: https://www.sec.gov/newsroom/speeches-statements/staff-statement-regarding-broker-dealer-registration-certain-user-interfaces-utilized-prepare-staff-statement-regarding-broker-dealer-registration-certain-user-interfaces-utilized
SEC Commissioner Peirce Issues Comments on Division of Trading & Markets' Statement on Certain User Interfaces
WASHINGTON, April 14 -- The Securities and Exchange Commission issued the following remarks on April 13, 2026, by Commissioner Hester M. Peirce on the Division of Trading and Markets' statement on certain user interfaces:
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Interfacing with our Inner Demons
I commend the Division of Trading and Markets for its statement on front ends and self-custodial wallets used by investors in onchain crypto asset securities transactions.[1] Specifically, the staff lays out circumstances in which it will not object to an interface provider creating, offering, and/or operating an interface without registering
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WASHINGTON, April 14 -- The Securities and Exchange Commission issued the following remarks on April 13, 2026, by Commissioner Hester M. Peirce on the Division of Trading and Markets' statement on certain user interfaces:
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Interfacing with our Inner Demons
I commend the Division of Trading and Markets for its statement on front ends and self-custodial wallets used by investors in onchain crypto asset securities transactions.[1] Specifically, the staff lays out circumstances in which it will not object to an interface provider creating, offering, and/or operating an interface without registeringas a broker-dealer pursuant to Section 15(b) of the Exchange Act. While the staff expressing its view is helpful, I favor a more permanent regulatory approach that addresses the broker definition in light of current market circumstances.
The law is already clear that wallets and interfaces do not become "brokers" solely because they enable users to create or control self-custody wallets or transmit instructions to a blockchain; allow users to view onchain prices or data; or format messages for users to sign or approve from a self-custody wallet.[2]
Crypto is forcing the Commission to confront its inner demons that have driven it toward ever more expansive readings of the securities laws. Recent history is littered with a patchwork of no-action letters and enforcement actions that have contorted the term "broker" beyond recognition. As I wrote in dissent to one such enforcement action: "The problem with requiring anyone whose products and services touch the financial services industry to [register or] come in for no-action relief is that it dissuades people from applying their ingenuity to serving the securities industry."[3]
People have shown great ingenuity in developing crypto wallets and front ends that serve users well. It would be a shame if investors in crypto asset securities transactions were unable to use these tools because of an overly broad reading of the term "broker."
The Commission needs public feedback to inform future rulemaking to assess terms like "broker" against the backdrop of new technologies. Please engage with us and provide us with your views and recommendations.
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[1] Staff Statement Regarding Broker-Dealer Registration of Certain User Interfaces Utilized to Prepare Transactions in Crypto Asset Securities (April 13, 2026), https://www.sec.gov/newsroom/speeches-statements/staff-statement-regarding-broker-dealer-registration-certain-user-interfaces-utilized-prepare-staff-statement-regarding-broker-dealer-registration-certain-user-interfaces-utilized.
[2] See SEC v. Coinbase Inc., 726 F. Supp. 3d. 260, 304-07 (S.D.N.Y. 2024) (rejecting arguments that a wallet service that charged a 1% transaction fee was a securities "broker").
[3] Commissioner Hester M. Peirce, Statement Regarding Neovest, Inc. (June 29, 2021), https://www.sec.gov/newsroom/speeches-statements/peirce-statement-neovest-062921.
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Original text here: https://www.sec.gov/newsroom/speeches-statements/peirce-041326-interfacing-our-inner-demons-comments-division-trading-markets-statement-certain-user-interfaces
Principals of U.S., European Banking Union, and U.K. Financial Authorities To Meet for Regular Coordination Exercise on Cross-Border Resolution Planning
WASHINGTON, April 14 -- The Federal Deposit Insurance Corporation issued the following news release:
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Principals of U.S., European Banking Union, and U.K. Financial Authorities To Meet for Regular Coordination Exercise on Cross-Border Resolution Planning
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WASHINGTON - The heads of resolution and regulatory authorities, central banks, and finance ministries of the United States, the European Banking Union, and the United Kingdom are among leaders that will participate in a Trilateral Principal Level Exercise (TPLE) on Saturday, April 18, 2026.
The meeting is the latest in a series of
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WASHINGTON, April 14 -- The Federal Deposit Insurance Corporation issued the following news release:
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Principals of U.S., European Banking Union, and U.K. Financial Authorities To Meet for Regular Coordination Exercise on Cross-Border Resolution Planning
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WASHINGTON - The heads of resolution and regulatory authorities, central banks, and finance ministries of the United States, the European Banking Union, and the United Kingdom are among leaders that will participate in a Trilateral Principal Level Exercise (TPLE) on Saturday, April 18, 2026.
The meeting is the latest in a series ofregular exercises and exchanges among the principals of these key financial sector authorities. These exercises enhance understanding of each jurisdiction's resolution regime for global systemically important banks (G-SIBs), strengthen coordination on cross-border resolution, and promote confidence in and commitment to the orderly resolution of G-SIBs. The exercise coincides with the spring meetings in Washington, D.C. sponsored by the World Bank Group and the International Monetary Fund.
The Federal Deposit Insurance Corporation (FDIC) will host the TPLE. Participants from the United States include principals and senior officials from the Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the FDIC, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.
Participants from the European Banking Union include principals and senior officials from the Single Resolution Board, the European Commission, and the European Central Bank.
Participants from the United Kingdom include principals and senior officials from His Majesty's Treasury and the Bank of England.
Contact(s)
MediaRequests@fdic.gov
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Original text here: https://www.fdic.gov/news/press-releases/2026/principals-us-european-banking-union-and-uk-financial-authorities-meet
NRC Streamlines Environmental Reviews With Two New Rules
WASHINGTON, April 14 -- The Nuclear Regulatory Commission issued the following news release:
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NRC Streamlines Environmental Reviews with Two New Rules
ROCKVILLE, Md.--The Nuclear Regulatory Commission has issued two final rules under the National Environmental Policy Act. These rules update categorical exclusions and finalize the new reactor generic environmental impact statement, actions that streamline the reviews while maintaining environmental compliance.
"Finalizing these rules strengthens our ability to assess environmental impacts in a smarter, more consistent, and more predictable
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WASHINGTON, April 14 -- The Nuclear Regulatory Commission issued the following news release:
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NRC Streamlines Environmental Reviews with Two New Rules
ROCKVILLE, Md.--The Nuclear Regulatory Commission has issued two final rules under the National Environmental Policy Act. These rules update categorical exclusions and finalize the new reactor generic environmental impact statement, actions that streamline the reviews while maintaining environmental compliance.
"Finalizing these rules strengthens our ability to assess environmental impacts in a smarter, more consistent, and more predictableway," said Executive Director for Operations Mike King. "By focusing our time on the most significant issues for people and the environment, we continue protecting communities while enabling the safe and efficient deployment of nuclear technologies to meet our rapidly growing energy needs."
The final rule affirmed by the Commission today establishes the new reactor GEIS framework for all reactor types and will simplify future reviews. The GEIS uses plant and site parameters to identify environmental issues common to new reactors and those issues needing project-specific analysis.
Previously on March 30, the NRC issued a final rule that eliminates the preparation of environmental assessments for certain licensing, regulatory, and administrative actions that do not significantly affect the environment. Eliminating these unnecessary environmental assessments reduces administrative burdens and accelerates regulatory decisions.
These regulatory changes reflect the NRC's broader initiative to modernize and optimize its NEPA review process. In line with Executive Order 14300, the agency is conducting a comprehensive review of its environmental regulations and plans to release another proposed rule for public comment in the near future.
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The U.S. Nuclear Regulatory Commission was created as an expert, technical agency to protect public health, safety, and security, and regulate the civilian use of nuclear materials, including enabling the deployment of nuclear power for the benefit of society. Among other responsibilities, the agency issues licenses, conducts inspections, initiates and enforces regulations, and plans for incident response. The NRC is collaborating with interagency partners to implement reforms outlined in new Executive Orders and the ADVANCE Act to streamline agency activities and enhance efficiency
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Original text here: https://www.nrc.gov/sites/default/files/cdn/doc-collection-news/2026/26-042.pdf
FTC Seeks Public Comment on Unfair and Deceptive Fee Practices in Online Food and Grocery Delivery Services
WASHINGTON, April 14 -- The Federal Trade Commission issued the following news release:
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FTC Seeks Public Comment on Unfair and Deceptive Fee Practices in Online Food and Grocery Delivery Services
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The Federal Trade Commission today announced it is seeking public comment on whether a rule is needed to address unfair or deceptive fee practices in connection with the services provided by online food and grocery delivery platforms nationwide.
As detailed in an Advance Notice of Proposed Rulemaking (ANPRM) to be published shortly in the Federal Register, the FTC is seeking written comments,
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WASHINGTON, April 14 -- The Federal Trade Commission issued the following news release:
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FTC Seeks Public Comment on Unfair and Deceptive Fee Practices in Online Food and Grocery Delivery Services
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The Federal Trade Commission today announced it is seeking public comment on whether a rule is needed to address unfair or deceptive fee practices in connection with the services provided by online food and grocery delivery platforms nationwide.
As detailed in an Advance Notice of Proposed Rulemaking (ANPRM) to be published shortly in the Federal Register, the FTC is seeking written comments,including data, evidence, analyses, and arguments, to help determine how best to prevent unfair or deceptive acts or practices and to ensure that the agency addresses concerns from both consumers and industry.
"Online grocery fees that are unclear, inconsistently disclosed, or revealed only at the last moment before consumers make a purchase distort competition and harm consumers," said Christopher Mufarrige, Director of the FTC's Bureau of Consumer Protection. "Clear and truthful pricing is essential to competitive markets. The Commission's enforcement track record suggests that consumers continue to face a suite of fees that prevent them from making informed comparisons. The Trump-Vance FTC is committed to addressing unlawful grocery delivery pricing that obscures the true cost of groceries."
Unfair or deceptive fee practices violate the FTC Act. The Commission recently brought several actions against online food delivery platforms for unfair or deceptive practices that violated the FTC Act. For example, in December 2025, the FTC announced a $60 million settlement with Instacart over allegations it falsely advertised "free delivery" on consumers' first three orders on the platform and then charged them service fees that were not disclosed until checkout. And, in December 2024, the FTC obtained a $25 million settlement with GrubHub over allegations it misled consumers about the cost of delivery on its platform.
These cases illustrate that hidden and misleading fees and charges are a recurring problem related to online delivery platforms, despite enforcement actions to protect consumers' interests. Also, while numerous states have recently adopted laws requiring food and grocery delivery platforms to more clearly disclose fees and include all mandatory fees in advertised prices, they have not adopted uniform rules that apply to all food delivery platforms across the country.
The ANPRM asks the public to comment on whether a rule is needed to prevent unfair or deceptive fee practices in connection with online food delivery services including:
* Total Price. Do food delivery platforms clearly and conspicuously disclose the total price for food or grocery items ordered for local delivery or pickup?
* Fees and Charges. Do online food delivery platforms clearly and conspicuously disclose the existence, nature, purpose, refundability, or recipient of any fees, charges, or other costs for a delivery or pickup order?
* Variable or Contingent Fees. Do online food delivery platforms clearly and conspicuously disclose factors used to determine any fees, charges, or other costs that are variable or contingent on consumer selections, such as number or type of items bought or delivery location?
* Material Restrictions. Do online food delivery platforms clearly and conspicuously disclose whether fees, charges, or other costs are mandatory or optional, or any material restrictions, limitations, or restrictions that may result in additional charges or that may diminish the consumer's use of the good or service?
* Price Differentials. Do online food delivery platforms clearly and conspicuously disclose whether the prices of items ordered are the same as, or different from, the prices of the same items offered in the store or restaurant?
* Personalized Pricing. Do online food delivery platforms clearly and conspicuously disclose whether the prices of items ordered are the same as, or different from, the prices of the same items offered to other consumers on the platform?
* Discounts or Promotions. Do online food delivery platforms clearly and conspicuously disclose material limitations, restrictions, or conditions on applicable discounts or promotions?
* Additional Payments. Do online food delivery platforms misrepresent that a consumer owes payments for any product or service that the consumer did not agree to buy?
* Unauthorized Billing. Do online food delivery platforms bill consumers for fees or charges, or for goods and services, without their express informed consent?
The ANPRM announced today explores whether and how a nationwide rule would enhance consumer protections against unfair and deceptive fee practices in online food delivery services, as well as serve as a deterrent against those practices because it would allow the agency to seek civil penalties against violators and more easily obtain redress for harmed consumers.
Once the ANPRM has been published in the Federal Register, consumers will have 30 days to submit comments electronically. Consumers also may submit comments in writing by following the instructions in the "Supplementary Information" section of the Federal Register notice.
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Original text here: https://www.ftc.gov/news-events/news/press-releases/2026/04/ftc-seeks-public-comment-unfair-deceptive-fee-practices-online-food-grocery-delivery-services
FTC Order to Prohibit Forever Living and its Operators from Deceiving Consumers about Potential Earnings
WASHINGTON, April 14 -- The Federal Trade Commission issued the following news release:
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FTC Order to Prohibit Forever Living and its Operators from Deceiving Consumers about Potential Earnings
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Operators of multilevel marketing (MLM) company Forever Living will be permanently prohibited from making deceptive earnings claims to resolve Federal Trade Commission allegations that the company deceived consumers into believing that they could earn profits from the venture when the vast majority of participants made little or no money.
In its complaint, the FTC alleged that Forever Living
... Show Full Article
WASHINGTON, April 14 -- The Federal Trade Commission issued the following news release:
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FTC Order to Prohibit Forever Living and its Operators from Deceiving Consumers about Potential Earnings
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Operators of multilevel marketing (MLM) company Forever Living will be permanently prohibited from making deceptive earnings claims to resolve Federal Trade Commission allegations that the company deceived consumers into believing that they could earn profits from the venture when the vast majority of participants made little or no money.
In its complaint, the FTC alleged that Forever LivingProducts International LLC, its CEO Gregg Maughan, and its President Aidan O'Hare, as well as Forever Living.com LLC, used deceptive earnings claims to attract new participants called Forever Business Owners (FBOs), most of whom made no money or even lost money. The company and its operators claimed participants could make money by selling Forever Living's health and wellness products either in person or online through the company's website and by recruiting new participants who would do the same.
"Today's complaint alleges that Forever Living deceived prospective workers with false and unsubstantiated earnings claims. Forever Living misled workers with promises of substantial income that, in reality, bore little to no resemblance to what participants actually earned," said Christopher Mufarrige, Director of the FTC's Bureau of Consumer Protection. "Deceptive earnings claims do not just mislead workers-they divert workers away from genuine, income-generating jobs. The FTC will not hesitate to take action against companies that deceive workers with claims of false earnings that they know few, if any, will achieve."
Through in-person meetings and conferences, internet and social media posts and videos, and print materials, Forever Living used images of luxury cars and giant checks, and claims of profits ranging from extra income to replacing a full-time job to tout the potential earnings from selling its products or recruiting new FBOs, the FTC alleged. For example, in an online marketing video O'Hare told viewers, "We will be paying millions in bonuses next year. The only question is, whose name goes on that check?"
The FTC alleged that most FBOs did not make any money and many lost money after factoring in expenses such as the cost of shipping products. In fact, according to company data, in each of the last five years at least 77% of FBOs who purchased, sold or recruited during the year did not receive any compensation. Even after two full years as FBOs, more than 89% of new participants had not received enough income from Forever to recoup their initial $300-plus start-up cost.
The FTC also alleged that, for years, the company's public income disclosure statements falsely implied that everyone who had chosen to pursue the MLM income opportunity was making money, and that others who "joined" Forever only wished to purchase products "at a discounted price" and had "elected not to participate in [the] Marketing Plan." In truth, Forever knew that nearly 90% of FBOs had received no income from Forever, and it had no basis for suggesting they were not trying to make money.
The FTC further alleged the company's training materials encourage FBOs to tout Forever Living as a flexible way to earn extra money in order to recruit new participants. For example, in one training video, FBOs were told to show pictures of cars they may have received from Forever Living's incentive program or destination events they attended and to tout that "this is a business where you can earn a lot of income." Forever Living also has misled FBOs with claims that they are likely to earn money based on purchases or sales made by FBOs they recruit, known as their "downline," when the company's data shows that less than 7% of FBOs received income from the sales and purchases made by their downline FBOs, according to the complaint.
Under the proposed order settling the FTC's allegations, Forever Living, Maughan and O'Hare:
* Must have substantiation for any earnings claims and must provide substantiation for any earnings claim they make if a U.S. consumer requests it;
* Must not misrepresent that participants have made, will or are likely to make or receive earnings (or any particular amount of earnings);
* Must not misrepresent the reasons participants do not make money in Forever's MLM, including claims that participants who do not make money aren't trying to;
* Must not misrepresent that participants are likely to recruit others into their downline; and
* Must not misrepresent other facts about the MLM opportunity that would be important to consumers.
The Commission vote authorizing the staff to file the complaint and stipulated final order was 2-0. The FTC filed the complaint and final order in the U.S. District Court for the District of Arizona.
NOTE: The Commission files a complaint when it has "reason to believe" that the named defendants are violating or are about to violate the law and it appears to the Commission that a proceeding is in the public interest. Stipulated final orders have the force of law when approved and signed by the District Court judge.
The lead staff on this matter include Elsie Kappler and Andrew Hudson from the FTC's Bureau of Consumer Protection.
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Original text here: https://www.ftc.gov/news-events/news/press-releases/2026/04/ftc-order-prohibit-forever-living-its-operators-deceiving-consumers-about-potential-earnings
FCC Selects New Lead Administrator for U.S. Cyber Trust Mark Program
WASHINGTON, April 14 -- The Federal Communications Commission issued the following news release on April 13, 2026:
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FCC Selects New Lead Administrator for U.S. Cyber Trust Mark Program
The Federal Communications Commission today announced the selection of ioXt Alliance (ioXt) to serve as the new Lead Administrator of its U.S. Cyber Trust Mark Program, a voluntary cybersecurity labeling program for consumer wireless Internet of Things (IoT) products. This program, overseen by the FCC's Public Safety and Homeland Security Bureau, builds on significant public and private sector work on IoT
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WASHINGTON, April 14 -- The Federal Communications Commission issued the following news release on April 13, 2026:
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FCC Selects New Lead Administrator for U.S. Cyber Trust Mark Program
The Federal Communications Commission today announced the selection of ioXt Alliance (ioXt) to serve as the new Lead Administrator of its U.S. Cyber Trust Mark Program, a voluntary cybersecurity labeling program for consumer wireless Internet of Things (IoT) products. This program, overseen by the FCC's Public Safety and Homeland Security Bureau, builds on significant public and private sector work on IoTcybersecurity.
Under Chairman Brendan Carr's leadership, the Commission has worked to advance the U.S. Cyber Trust Mark Program with a greater emphasis on national security. To that end, the FCC welcomes ioXt as the new Lead Administrator and looks forward to working with them to finalize implementation of the program. ioXt is an independent, U.S.-based non-profit organization, whose focus is on improving the security, privacy, and transparency of IoT products. ioXt describes itself as the United States' preeminent certification body dedicated to the security of IoT products and a leader in the relevant stakeholder community.
Chairman Carr issued the following statement:
"The FCC's U.S. Cyber Trust Mark Program was designed to help consumers make informed decisions about the products they bring into their homes. With today's decision, the FCC is ensuring that the Lead Administrator will implement the program in a way that is consistent with that vision, while advancing national and cyber security."
Additional Information:
The FCC's U.S. Cyber Trust Mark Program is supported by third party administrators, including a Lead Administrator, whose duties are spelled out in the FCC's IoT Labeling Order. ioXt, as the new Lead Administrator, will be responsible for collaborating with stakeholders to develop a consumer outreach campaign and recommending to the Commission additional cybersecurity standards, testing procedures, and label design.
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Original text here: https://docs.fcc.gov/public/attachments/DOC-420764A1.pdf
