Odaily Odaily reports that the U.S. Securities and Exchange Commission (SEC) Division of Trading and Markets issued a staff statement providing guidance on whether certain covered user interfaces used to generate orders for trading crypto-asset securities need to be registered with brokers.
The statement points out that, under certain conditions, such interface providers may not need to register as broker-dealers under Section 15 of the Securities Exchange Act. These conditions include: not soliciting specific trades, not providing investment advice, not controlling or executing trades, generating trading instructions solely based on objective parameters, and fully disclosing to users the fee structure, potential conflicts of interest, and related risks.
The U.S. SEC emphasized that such interfaces typically exist in the form of websites, browser plugins, or wallet applications, and are used to convert user-defined transaction parameters into on-chain executable instructions, while also providing market data such as prices, paths, and fees.
Furthermore, the statement clarifies that such exemptions do not apply to activities such as participating in transaction matching, fund custody, order routing, or providing investment advice. The guidance is provisional and will automatically expire five years from April 13, 2026, unless further action is taken.
The U.S. SEC stated that this move aims to provide a clearer regulatory framework for activities related to crypto asset securities and to continue to solicit market feedback.
