The US Securities and Exchange Commission has stated 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.
The SEC has provided guidelines for interface creators to avoid being classified as brokers, including not 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 wider-ranging rules expected to be proposed soon.
The agency's leadership has shifted towards a more crypto-friendly approach, with SEC Chairman Paul Atkins overseeing the development of new rules and guidelines for the industry.