The US Securities and Exchange Commission has announced that software enabling user interfaces for crypto securities transactions with individual wallets will not require registration and regulation as a broker. This stance is in line with the agency's recent position that software developers should be able to create software without triggering such regulations. The SEC has provided guidelines for interface creators to avoid being classified as broker-dealers, including refraining from soliciting investors for specific transactions and not providing commentary on potential execution routes. However, if an interface offers financing, investment recommendations, handles user assets, takes orders, or executes transactions, it will fall under the agency's regulatory purview.
The SEC is working on interim measures to provide clarity on crypto regulations, with wide-ranging rules nearing the proposal stage. The agency's stance is seen as a positive development for the crypto industry, which has been seeking clearer guidelines on regulatory requirements.