The US Securities and Exchange Commission has stated that software enabling user interfaces for crypto securities transactions with individual wallets will not require registration and regulation as a broker. This stance, outlined in the agency's latest staff statement on crypto, indicates that websites or software used for securities transactions with self-hosted wallets will not be classified as broker-dealers.
The SEC has provided guidelines for interface creators to avoid triggering regulations, including not soliciting investors for specific crypto asset securities transactions and not providing commentary on potential execution routes. However, if an interface offers financing, investment recommendations, handles user assets, takes orders, or executes transactions, it will fall under the agency's regulatory purview.
The SEC is working on interim measures to provide clarity, with wider-ranging rules nearing the proposal stage. This development reflects the agency's evolving approach to crypto regulation, embracing the technology while working towards more permanent rules.