The third week of April marked a watershed moment for the relationship between regulators, traditional finance, and decentralized infrastructure.

The SEC issued a landmark clarification that DeFi frontends generally do not need to register as broker-dealers, while Charles Schwab announced the rollout of "Schwab Crypto" — giving 39 million brokerage accounts direct access to spot Bitcoin and Ethereum trading. Meanwhile, BIP-361 ignited fierce debate over whether Bitcoin should freeze coins held in quantum-vulnerable addresses, including Satoshi's $74 billion stash.

But the week also surfaced governance cracks and security failures, from the public feud between Justin Sun and WLFI over alleged backdoor blacklisting to Hyperbridge's $237K Token Gateway exploit.

In this episode:

- SEC clarifies DeFi UIs don't need broker-dealer registration

- Charles Schwab launches spot BTC & ETH trading for 39M users

- BIP-361 proposes freezing 1.7M BTC to counter quantum threats

- Tether launches self-custodial wallet with human-readable IDs

- Justin Sun vs. WLFI: backdoor allegations and governance fallout

- Hyperbridge suffers $237K exploit on Token Gateway

- Pakistan lifts 7-year crypto banking ban

- HSBC and Standard Chartered receive HK stablecoin licenses

TradFi is going all-in on crypto — but the industry's security and governance layers are still catching up.