The US Securities and Exchange Commission has announced that software enabling crypto securities transactions through 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 programs without triggering such regulations. To avoid being classified as a broker-dealer, the creators of these interfaces must ensure they do not solicit investors, provide commentary on potential execution routes, offer financing, or handle user assets.
The SEC has provided a checklist of measures to help interface creators avoid regulatory issues. The agency's staff views are intended as an interim step while the commission considers various regulatory issues related to crypto asset securities activities. Under the current administration, the SEC has shifted its stance on crypto regulation, with the leadership embracing the technology and working on new rules to provide clarity and certainty to the industry.