Bitcoin Magazine
SEC Opens Limited Broker Exemption Path for Crypto Trading Interfaces
The U.S. Securities and Exchange Commission has issued new staff guidance indicating that certain user-facing interfaces involved in crypto securities trading may not be required to register as broker-dealers, provided they meet a strict set of conditions designed to limit discretion, influence, and conflicts of interest.
In a statement released by the Division of Trading and Markets of the U.S. Securities and Exchange Commission, the agency outlined a framework under which websites, mobile applications, and browser-based tools that facilitate blockchain-based trading could operate outside traditional broker registration requirements for a limited period.
The guidance applies specifically to “covered user interfaces,” which include software products that help users prepare and transmit crypto asset securities transactions through self-custodial wallets. According to the SEC staff,
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