The US Securities and Exchange Commission has announced that software enabling users to engage in securities transactions via their individual wallets will not require registration or regulation as a broker. In its latest statement on cryptocurrency, the SEC has provided guidance on how developers can create interfaces for crypto transactions without triggering regulatory requirements.
To avoid being classified as a broker-dealer, such interfaces must not solicit investors, provide investment advice, handle user assets, take orders, or execute transactions. The SEC has also emphasized that it is working on developing comprehensive rules for crypto asset securities activities, with Chairman Paul Atkins indicating that proposals are nearing completion. The agency's stance marks a significant shift in its approach to cryptocurrency regulation, embracing the technology and seeking to provide clarity for the industry.