According to the US Securities and Exchange Commission, software that enables user interfaces for transacting crypto securities through personal wallets does not require registration or regulation as a brokerage firm. This stance, outlined in the agency's recent staff statement on cryptocurrency, indicates that websites or software supporting securities transactions via self-hosted wallets will not be classified as broker-dealers, aligning with the agency's position that developers should be able to create software without invoking such regulations. The SEC has provided guidelines for interface creators to avoid regulatory oversight, including not soliciting investors for specific crypto asset transactions and refraining from 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 regulatory scrutiny.
The commission is providing these views as an interim measure while considering various regulatory issues related to crypto asset securities activities and the feedback received. Under the current administration, the SEC has shifted its stance, embracing cryptocurrency and working towards clearer regulations, with SEC Chairman Paul Atkins indicating that wide-ranging rules are nearing proposal stage.