In a recent statement, the US Securities and Exchange Commission announced that software facilitating crypto securities transactions through individual wallets will not require registration and regulation as a broker. This stance is in line with the agency's growing support for the crypto industry, acknowledging that developers should be able to create software without triggering regulatory requirements. To avoid being classified as a broker-dealer, the software must not solicit investors, provide investment commentary, handle user assets, take orders, or execute transactions.
The SEC has provided guidelines for creators of these interfaces to ensure they remain outside the regulatory scope. The agency is working on developing comprehensive rules, with SEC Chairman Paul Atkins indicating that wide-ranging proposals are nearing completion.
Meanwhile, the Senate is also working on the Clarity Act to establish permanent crypto regulations.