The US Securities and Exchange Commission has announced that software facilitating cryptocurrency transactions through individual wallets will not require registration as a broker. This stance is in line with the agency's recent position that software developers should not be subject to such regulations.
To avoid being classified as a broker-dealer, the creators of these interfaces must ensure they do not solicit investors for specific transactions, provide commentary on potential execution routes, or engage in activities such as financing, investment recommendations, or handling user assets. The SEC has provided guidelines for these interfaces to remain outside the regulatory scope.
The agency is working on developing clearer rules for the crypto industry, with SEC Chairman Paul Atkins indicating that comprehensive rules are nearing the proposal stage.