According to the US Securities and Exchange Commission, software that enables user interfaces for transacting crypto securities through personal wallets will not require registration or regulation as a broker. This stance is reflected in the agency's recent staff statements on cryptocurrency, which aim to provide guidance to the industry in the absence of permanent regulations. The SEC staff stated that websites or software used for securities transactions with self-hosted wallets will not be classified as broker-dealers, aligning with the agency's position that developers should be able to create software without triggering such regulations.
To avoid being considered a broker, the creators of these interfaces must ensure they do not solicit investors for specific transactions, provide commentary on potential execution routes, offer financing, provide investment recommendations, handle user assets, take orders, or execute transactions. The agency is providing these views as an interim measure while considering various regulatory issues related to crypto asset securities activities. Under the current administration, the SEC has shifted its stance on cryptocurrency regulation, with the leadership embracing the technology and working on new rules. While these statements do not carry the weight of full-fledged rules, the agency is working on interim measures to provide greater certainty, including proposing wide-ranging rules and considering the Clarity Act, which aims to cement crypto regulations into law.