The US Securities and Exchange Commission has announced that software enabling users to conduct crypto securities transactions through their personal wallets will not require registration as a broker. This latest statement from the agency provides guidance on the regulatory status of websites and software used for such transactions, emphasizing that they will not be classified as broker-dealers. To avoid regulatory scrutiny, these interfaces must refrain from soliciting investors, providing commentary on execution routes, offering financing, giving investment advice, handling user assets, taking orders, or executing transactions. The SEC has provided a set of guidelines for developers to ensure their software remains outside the regulatory framework.
The agency is working on developing comprehensive rules for crypto asset securities activities, with SEC Chairman Paul Atkins indicating that proposals are nearing the final stage. Meanwhile, the Senate is also working on the Clarity Act to establish a clear regulatory framework for cryptocurrencies.