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 broker. This stance is outlined in the agency's most recent staff statement on cryptocurrency, part of a broader series of views aimed at allowing the crypto industry to progress in the absence of permanent rules.
The SEC staff asserted that websites or software used for securities transactions with self-hosted wallets will not be categorized as broker-dealers, aligning with the agency's recent position that software developers should be able to create software without triggering such regulations. To avoid being classified as a broker, the creators of these interfaces must adhere to certain guidelines, including not soliciting investors for specific crypto asset securities transactions and not providing commentary on potential execution routes displayed to users. 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 SEC staff released these views as an interim measure while the commission continues to consider various regulatory issues related to crypto asset securities activities and the feedback it has received.
Under the current administration, the SEC has shifted its stance, embracing cryptocurrency and reversing previous resistance. The agency is working on developing rules, with wide-ranging SEC rules nearing the proposal stage, according to SEC Chairman Paul Atkins.
As the Senate works on the Clarity Act to codify crypto regulations into law, the agency is developing interim measures to provide greater certainty.