According to the US Securities and Exchange Commission, software that facilitates user interfaces for crypto securities transactions via individual wallets does not require registration or regulation as a brokerage firm. This stance is reflected in the agency's recent staff statements on cryptocurrency, which aim to provide guidance for the industry in the absence of formal rules.
The SEC has outlined criteria for creators of these interfaces to avoid regulatory classification, including not soliciting investors for specific transactions and refraining from commentary on potential execution routes. However, if an interface offers financing, investment advice, handles user assets, takes orders, or executes transactions, it will be subject to regulatory oversight. The SEC is providing interim guidance while it continues to consider regulatory issues related to cryptocurrency and feedback from stakeholders.
Under the current administration, the SEC has shifted its stance on cryptocurrency, embracing the technology and issuing pro-crypto statements. The agency is working on formal rules, with SEC Chairman Paul Atkins indicating that wide-ranging regulations are nearing the proposal stage. Meanwhile, the Senate is working on the Clarity Act to codify cryptocurrency regulations into law.