In a recent statement, the US Securities and Exchange Commission announced that software enabling users to transact crypto securities through their individual wallets will not require registration and regulation as a broker. This stance aligns with the agency's position that software developers should be able to create programs without triggering such regulations. To avoid being classified as a broker-dealer, the creators of these interfaces must adhere to certain guidelines, including not soliciting investors for specific transactions and refraining from providing commentary on potential execution routes. If an interface offers financing, investment advice, or handles user assets, it will fall under the agency's regulatory purview.
The SEC is providing these views as an interim measure while it continues to consider regulatory issues related to crypto asset securities activities. Under the current administration, the SEC has shifted its stance on crypto regulation, with the leadership embracing the technology and working towards creating clearer rules.
While these statements do not carry the same weight as formal rules, the agency is working on developing comprehensive regulations. In the meantime, the SEC is also exploring interim measures to provide greater certainty for the industry.