The US Securities and Exchange Commission has announced that software providing user interfaces for crypto securities transactions with personal wallets will not require registration and regulation as a broker. This statement, part of the agency's ongoing crypto-related guidance, indicates that websites or software enabling such transactions will not be classified as broker-dealers, aligning with the SEC's recent position that developers should be able to create software without triggering regulations. To avoid being considered a broker, the software must not solicit investors for specific transactions, provide commentary on potential execution routes, offer financing, give investment advice, handle user assets, accept orders, or execute transactions.
The SEC is providing these guidelines as an interim measure while it continues to evaluate regulatory issues related to crypto asset securities and considers feedback. Under the current administration, the SEC has shifted its stance to support the development of crypto-friendly regulations, with Chairman Paul Atkins working on proposing comprehensive rules.
Meanwhile, the agency is also exploring interim measures to provide clarity, even as the Senate works on the Clarity Act to codify crypto regulations into law.