The US Securities and Exchange Commission has announced that software enabling crypto wallet transactions will not require registration as a broker. This clarification is part of the agency's ongoing efforts to provide guidance to the crypto industry in the absence of permanent regulations. The SEC staff stated that websites or software used for securities transactions with self-hosted wallets will not be classified as broker-dealers, aligning with the agency's stance that developers should be able to create software without triggering regulations.
To avoid regulatory scrutiny, interface creators can take measures such as not soliciting investors, not providing commentary on potential execution routes, and not offering financing or investment recommendations. The agency is working on developing rules to provide greater certainty, with SEC Chairman Paul Atkins indicating that wide-ranging rules are nearing the proposal stage.
Meanwhile, the Senate is working on the Clarity Act to codify crypto regulations into law.