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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
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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it has received.[5] Accordingly, absent intervening action by the Commission, this statement will be considered withdrawn effective five years from April 13, 2026.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
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
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
Publishing.com to Pay $1.5 Million for Misleading Consumers about How Much Income They Could Earn Using the Company's Products and Services
WASHINGTON, April 13 -- The Federal Trade Commission issued the following news release:
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Publishing.com to Pay $1.5 Million for Misleading Consumers about How Much Income They Could Earn Using the Company's Products and Services
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Publishing.com LLC and its two principals will pay $1.5 million and be required to substantiate earnings claims in the future to settle Federal Trade Commission charges that the company and its operators misled consumers about how much money they were likely to earn using their products.
"Consumers, including workers, need accurate information up front about
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WASHINGTON, April 13 -- The Federal Trade Commission issued the following news release:
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Publishing.com to Pay $1.5 Million for Misleading Consumers about How Much Income They Could Earn Using the Company's Products and Services
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Publishing.com LLC and its two principals will pay $1.5 million and be required to substantiate earnings claims in the future to settle Federal Trade Commission charges that the company and its operators misled consumers about how much money they were likely to earn using their products.
"Consumers, including workers, need accurate information up front aboutpotential earnings to make an informed decision about how to invest their time, money, and efforts," said Christopher Mufarrige, Director of the FTC's Bureau of Consumer Protection. "This case advances the Commission's priority of protecting American workers from deceptive and unlawful conduct."
Publishing.com advertised, marketed, and sold online self-publishing programs and services. According to the FTC, since 2018, Publishing.com has sold its programs and services to consumers with claims that it will provide the education, mentorship, tools, and technology to allow consumers to earn a substantial income publishing e-books and audiobooks online.
The company primarily advertised two programs - AI Publishing Academy (AIA) and Publishing Accelerator. AIA is Publishing.com's self-publishing course, which can cost up to $1,995, and Publishing Accelerator is an add-on program the company started selling in 2022 to supposedly provide additional coaching and other services. In marketing these programs, the company used free online videos to entice consumers to purchase what it describes as a foolproof, passive income system.
The FTC alleged that Publishing.com CEO Christian Mikkelsen and Chief Product Officer Rasmus Mikkelsen claimed that they have personally used this system to obtain significant wealth through online self-publishing. For example, in a promotional email, Christian Mikkelsen claimed consumers can "copy the EXACT system hundreds of my students use to make $1k to $3k a month in passive income."
Most consumers who bought Publishing.com's products and services, however, never achieved the income the company promised in its advertising, according to the FTC's complaint. Consumers who sought refunds under the company's "no questions asked" guarantee allegedly discovered that Publishing.com imposed many additional conditions, which were often buried in fine print or the company's lengthy terms of service, that made it difficult or impossible for them to get their money back.
In addition, the complaint alleges that while Publishing.com frequently highlighted positive consumer reviews and testimonials to market its program, the company often failed to disclose when reviews were written by company employees or other people, including relatives of the Mikkelsens, who might be biased by their connection to the company. The company also failed to disclose that some of the positive testimonials were incentivized: the company offered various prizes, cash, and additional services, in exchange for providing positive testimonials. At times, the complaint states, Publishing.com even conditioned refunds on consumers providing positive testimonials.
To address the deceptive conduct alleged in the complaint, the proposed order prohibits Publishing.com and the Mikkelsens from:
* making earnings claims unless they are not misleading and they have a reasonable basis to support them;
* making the specific misrepresentations detailed in the complaint, as well as misrepresentations concerning material facts in the sale of any product or service;
* failing to disclose terms and conditions of any cancellation or refund policy or failing to promptly honor a consumer's cancellation or refund request in accordance with company policies; and
* making misrepresentations regarding endorsements and reviews.
The order also requires the company and the Mikkelsens to disclose any unexpected material connections with endorsers or reviewers and any payments or other incentives for posting reviews.
Today's action aligns with the FTC's Joint Labor Task Force launched by Chairman Andrew N. Ferguson in February 2025. The Commission created the cross-agency Labor Task Force to root out and prosecute deceptive, unfair, and anticompetitive labor-market practices that harm American workers. Noting that the FTC's dual consumer-protection and competition mandate makes the agency uniquely well-suited to address these worker harms, Chairman Ferguson's Labor Task Force harnesses expertise from the agency's Bureau of Consumer Protection, Bureau of Competition, Bureau of Economics, and Office of Policy Planning.
The Commission vote to accept the consent agreement was 2-0.
The FTC will publish a description of the consent agreement package in the Federal Register soon. The agreement will be subject to public comment for 30 days, after which the Commission will decide whether to make the proposed consent order final. Instructions for filing comments appear in the published notice. Comments must be received 30 days after publication in the Federal Register. Once processed, comments will be posted on Regulations.gov.
NOTE: When the Commission issues a consent order on a final basis, it carries the force of law with respect to future actions. Each violation of such an order may result in a civil penalty of up to $53,088.
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Original text here: https://www.ftc.gov/news-events/news/press-releases/2026/04/publishingcom-pay-15-million-misleading-consumers-about-how-much-income-they-could-earn-using
FTC Takes Action Against High-Level MLM Participant who Deceived Workers About the Amount of Money They Can Earn
WASHINGTON, April 13 -- The Federal Trade Commission issued the following news release:
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FTC Takes Action Against High-Level MLM Participant who Deceived Workers About the Amount of Money They Can Earn
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The Federal Trade Commission is taking action against a high-level participant in a multilevel marketing (MLM) company over allegations she used false or baseless earning claims to recruit workers, most of whom did not earn any money from the venture.
The FTC alleged in a complaint that Stormy Wellington, who has been a high-level participant in two different MLMs, used deceptive earnings
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WASHINGTON, April 13 -- The Federal Trade Commission issued the following news release:
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FTC Takes Action Against High-Level MLM Participant who Deceived Workers About the Amount of Money They Can Earn
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The Federal Trade Commission is taking action against a high-level participant in a multilevel marketing (MLM) company over allegations she used false or baseless earning claims to recruit workers, most of whom did not earn any money from the venture.
The FTC alleged in a complaint that Stormy Wellington, who has been a high-level participant in two different MLMs, used deceptive earningsclaims to recruit new members to Total Life Changes (TLC) and, more recently, Farmasi.
"Today's actions make clear that the FTC will go after individuals who deceive consumers trying to earn a living," said Christopher Mufarrige, Director of the FTC's Bureau of Consumer Protection. "This case highlights the FTC's ongoing efforts to protect workers from recruiters who misrepresent potential earnings."
In MLMs, individual participants market and sell the MLM's products or services and recruit new participants, who themselves will sell the MLM's products or services and recruit new participants. Wellington was a high-level participant who benefitted from recruiting new members using allegedly false or misleading promises of earning significant income.
In YouTube videos and social media posts, Wellington tried to entice new participants by claiming they could make hundreds of thousands and even millions of dollars, according to the FTC's complaint. For example, Wellington posted a video on her Facebook page promoting TLC that included a caption stating, "I will help 1000 families make 5-7 figures in the next 90 days to 12 months!"
Wellington spent a decade at TLC, which sells nutrition, wellness, and skincare products, before leaving in August 2025 to join Farmasi, which sells make-up, skincare, and health and wellness products. She allegedly promised new recruits to Farmasi that they can earn big money, saying, "I'm telling you right now, no less than six figures, no less. Repeat that to me. No less than six figures," and that she will make "60 new millionaires in 2026."
Despite these claims, in both MLMs most participants made little or no money. In TLC's income disclosures posted to its website, TLC states that 76.8% of active participants (23,124 people) did not earn any compensation in calendar year 2023, and that, at most, 0.4% of all active participants (113 people) earned more than $5,000. Similarly, Farmasi's income disclosure statement posted to its website shows that, in 2023, fewer than 1% of active participants earned income in the six-figure range the FTC alleges Wellington promised.
In a proposed order settling the FTC's allegations, Wellington will be prohibited from misrepresenting or assisting others in misrepresenting how much money others can earn from various business ventures. This includes prohibiting Wellington from misrepresenting:
* Expressly or by implication, including through images of homes, vehicles, purchases, or travel, earnings that participants will or are likely to make;
* The amount of earnings that she or other participants have actually earned;
* The reason participants do not earn substantial compensation; and
* Any other fact material to consumers concerning the business venture.
In addition, Wellington will be prohibited from making any representation, expressly or by implication, regarding the amount of earnings that a participant can expect to earn unless: it is not misleading, she can substantiate in writing the earnings claim when it is made, and she can provide evidence upon request to any individual who expresses an interest in becoming a participant. Wellington also will be required to notify her downline participants about the order's prohibition on making deceptive and unsubstantiated earning claims.
The Commission vote to authorize the staff to file the complaint and stipulated final order was 2-0. The matter was filed in the U.S. District Court for the Southern District of Florida.
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 Claire Wack and Melissa Dickey in 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-takes-action-against-high-level-mlm-participant-who-deceived-workers-about-amount-money-they-can
FTC Issues Order Approving 2026 Horseracing Integrity and Safety Authority Budget
WASHINGTON, April 13 -- The Federal Trade Commission issued the following news release:
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FTC Issues Order Approving 2026 Horseracing Integrity and Safety Authority Budget
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The Federal Trade Commission issued an order approving the Horseracing Integrity and Safety Authority's 2026 budget.
As required under an FTC rule regarding oversight of the Authority, the FTC published the Authority's proposed 2026 budget in the Federal Register and provided the public an opportunity to comment.
Following the public comment period, the Commission vote to approve the proposed budget was 2-0.
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WASHINGTON, April 13 -- The Federal Trade Commission issued the following news release:
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FTC Issues Order Approving 2026 Horseracing Integrity and Safety Authority Budget
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The Federal Trade Commission issued an order approving the Horseracing Integrity and Safety Authority's 2026 budget.
As required under an FTC rule regarding oversight of the Authority, the FTC published the Authority's proposed 2026 budget in the Federal Register and provided the public an opportunity to comment.
Following the public comment period, the Commission vote to approve the proposed budget was 2-0.
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Originaltext here: https://www.ftc.gov/news-events/news/press-releases/2026/04/ftc-issues-order-approving-2026-horseracing-integrity-safety-authority-budget
FDIC Announces Four Senior Leadership Appointments
WASHINGTON, April 13 -- The Federal Deposit Insurance Corporation issued the following news release:
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FDIC Announces Four Senior Leadership Appointments
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WASHINGTON - The Federal Deposit Insurance Corporation (FDIC) today announced the appointment of the following personnel to serve in senior leadership positions:
Benjamin Olson has been appointed Director of the FDIC's Division of Depositor and Consumer Protection (DCP). Prior to his appointment, Mr. Olson served as Deputy Director for Consumer Supervision and Regulation at the Board of Governors of the Federal Reserve System. He has
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WASHINGTON, April 13 -- The Federal Deposit Insurance Corporation issued the following news release:
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FDIC Announces Four Senior Leadership Appointments
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WASHINGTON - The Federal Deposit Insurance Corporation (FDIC) today announced the appointment of the following personnel to serve in senior leadership positions:
Benjamin Olson has been appointed Director of the FDIC's Division of Depositor and Consumer Protection (DCP). Prior to his appointment, Mr. Olson served as Deputy Director for Consumer Supervision and Regulation at the Board of Governors of the Federal Reserve System. He hasover 24 years of experience in the public and private sectors, including as Managing Vice President with Capital One; Partner with Buckley LLP (currently Orrick, Herrington & Sutcliffe LLP); and Deputy Assistant Director with the Consumer Financial Protection Bureau. Mr. Olson earned a Bachelor of Arts degree in political science and English literature at Tulane University and a law degree from the Georgetown University Law Center.
Shawn Khani has been appointed Director of the FDIC's Division of Resolutions and Receiverships (DRR). Prior to his appointment, Mr. Khani served as DRR's Acting Director and Senior Deputy Director overseeing strategic resolution readiness planning, including franchise and asset marketing and receivership management. Before joining the FDIC, Mr. Khani served in several private sector roles, primarily in a fixed income trading capacity, including as the Director of Structured Products Trading at CarVal Investors and as Head Trader at The Winter Group. Mr. Khani earned a Bachelor of Science degree in biochemistry from the University of Miami.
Trey Maust has been appointed to serve as Chief Innovation Officer to guide the FDIC's work to promote the adoption of innovative technologies within the FDIC and across the financial services sector. Mr. Maust most recently served as Executive Chairman of Lewis & Clark Bank. In addition, he served as President and Chief Executive Officer of Bankevo LLC, a nonbank subsidiary of Lewis & Clark Bancorp, and Chairman of the Board of Lewis & Clark Bancorp. He has also served in several public sector and industry leadership roles including Chairman of the American Bankers Association's Core Platforms Committee; Bankers Advisory Board Member at the Conference of State Bank Supervisors; and member of the FDIC's Advisory Committee on Community Banking. Mr. Maust earned a Bachelor of Science degree in business administration at Portland State University.
Sam Lupas has been appointed Deputy Chief of Staff and will serve as an advisor to the Chairman and Chief of Staff. Mr. Lupas joins the FDIC from the U.S. Department of Housing and Urban Development (HUD), where he served as senior policy advisor to the Federal Housing Commissioner, coordinating policy development and internal operations for the Federal Housing Administration's $2 trillion mortgage insurance portfolio. Mr. Lupas has also served in roles with the U.S. Senate and the U.S. House Committee on Financial Services, including the Subcommittee on Housing and Insurance. He earned a Bachelor of Science in Business Administration in finance from Auburn University and a Master of Arts in international business from Georgetown University.
Contact(s)
MediaRequests@fdic.gov
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Original text here: https://www.fdic.gov/news/press-releases/2026/fdic-announces-four-senior-leadership-appointments
