The US Securities and Exchange Commission has stated that software providing user interfaces for crypto securities transactions with individual wallets will not require registration and regulation as a broker. This stance is part of the agency's ongoing efforts to provide guidance to the crypto industry in the absence of permanent rules. The SEC has outlined specific measures that interface creators can take to avoid being classified as broker-dealers, including not soliciting investors or providing commentary on potential execution routes. However, if an interface offers financing, investment recommendations, or handles user assets, it will be subject to regulatory oversight.
The agency is working on developing rules to provide greater certainty for the crypto industry, with SEC Chairman Paul Atkins indicating that wide-ranging rules are nearing the proposal stage.