The US Securities and Exchange Commission has announced that software facilitating cryptocurrency transactions via individual wallets will not require registration and regulation as a broker. This stance is part of the agency's ongoing effort to provide guidance to the crypto industry in the absence of permanent rules. The SEC has outlined specific measures that software creators can take to avoid being classified as broker-dealers, such as refraining from soliciting investors or providing investment commentary.
However, if the software 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 crypto asset securities activities, with Chairman Paul Atkins indicating that proposals are nearing completion.
In the interim, the agency is providing guidance through staff statements, which aim to provide clarity and certainty for the crypto industry.