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 latest staff statement on cryptocurrency, indicates that websites or software used for securities transactions with self-hosted wallets will not be classified as broker-dealers, aligning with the agency's recent position that software developers should be able to create programs without triggering such regulations.
The SEC has provided guidelines for interface creators to avoid regulatory classification, including not soliciting investors for specific crypto asset transactions and not providing 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 the agency's regulatory purview. The staff statement serves as an interim measure while the commission continues to consider crypto asset securities activities and the feedback received.
Under the current administration, the SEC has shifted its stance to support crypto-friendly regulation, with the leadership reversing previous resistance to the technology. The agency is working on developing comprehensive rules, 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, and the agency is developing interim measures to provide greater certainty.