According to the US Securities and Exchange Commission, software that enables user interfaces for transacting crypto securities through personal wallets does not require registration or 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. The SEC has outlined specific guidelines for interface creators to avoid being classified as brokers, including not soliciting investors for specific 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 regulatory oversight.
The agency's staff has issued these views as an interim measure while the commission continues to consider regulatory issues related to crypto asset securities activities. Under the current administration, the SEC has reversed its previous resistance to cryptocurrency and is now working on developing rules to provide clarity and certainty for the industry.