According to the US Securities and Exchange Commission, software that enables user interfaces for transacting crypto securities through individual wallets does 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 the industry with guidance in the absence of permanent rules. The SEC has outlined specific measures that interface creators can take to avoid being classified as broker-dealers, including refraining from 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 be subject to regulatory oversight.
The SEC is currently working on developing comprehensive rules for cryptocurrency, with the goal of providing greater clarity and certainty for the industry. In the meantime, the agency is issuing interim guidance to help shape the regulatory landscape for crypto asset securities activities.