The US Securities and Exchange Commission has stated that software enabling user interfaces for crypto securities transactions with individual wallets will not require registration and regulation as a broker. This stance is in line with the agency's recent position that software developers should be able to create software without triggering such regulations. To avoid being considered a broker-dealer, the creators of these interfaces can take certain measures, including not soliciting investors for specific crypto asset securities transactions and not providing commentary on potential execution routes.
However, if the interface offers financing, provides investment recommendations, handles user assets, takes orders, or executes transactions, it will fall under the agency's regulatory purview. The SEC is providing these views as an interim step while it continues to consider various regulatory issues related to crypto asset securities activities. Under the current administration, the SEC has shifted its stance to be more supportive of crypto regulation, with the leadership working on creating clearer rules for the industry.