The US Securities and Exchange Commission has announced that software enabling crypto wallet transactions will not be required to register as a broker. This decision is part of the agency's ongoing efforts to provide guidance on crypto regulations. According to the SEC, websites or software that allow users to engage in securities transactions using their personal wallets will not be considered broker-dealers, as long as they do not solicit investors, provide investment advice, handle user assets, take orders, or execute transactions. The agency has provided a checklist for developers to ensure their interfaces remain exempt from regulations.
The SEC is working on developing comprehensive rules for crypto asset securities activities, with Chairman Paul Atkins indicating that wide-ranging rules are nearing the proposal stage. In the meantime, the agency is issuing interim guidance to provide clarity and certainty for the crypto industry.