According to the US Securities and Exchange Commission, software that enables users to transact cryptocurrency securities through their personal wallets will not be required to register as a broker. This statement, released by the SEC's staff, aims to provide clarity on the regulatory status of such software. The SEC has outlined specific conditions under which these interfaces will not be deemed brokers, including not soliciting investors for specific transactions and refraining from providing commentary on potential execution routes.
However, if an interface offers financing, investment advice, or handles user assets, it will fall under the agency's regulatory purview. The SEC is working on developing comprehensive rules for cryptocurrency, with the goal of providing greater certainty for the industry. In the meantime, the agency is issuing interim guidance to facilitate the growth of the crypto sector.