According to the US Securities and Exchange Commission, software that enables user interfaces for transacting cryptocurrency securities via individual wallets will not require registration or regulation as a brokerage firm. This stance, outlined in the agency's latest staff statement on cryptocurrency, aligns with the SEC's recent position that software developers should be able to create applications without triggering regulatory requirements.
To avoid being classified as a brokerage service, such interfaces must not solicit investors for specific transactions, provide commentary on potential execution routes, offer financing, give investment advice, handle user assets, accept orders, or execute transactions. The SEC has provided guidelines for interface creators to follow in order to remain outside the agency's regulatory scope. The commission is currently developing comprehensive rules for cryptocurrency asset securities activities, with SEC Chairman Paul Atkins indicating that wide-ranging proposals are nearing completion. In the interim, the agency is issuing staff statements to provide clarity and guidance to the cryptocurrency industry.