The U.S. Securities and Exchange Commission has issued new guidance outlining conditions under which crypto trading applications and wallets can avoid broker-dealer registration. Software facilitating securities transactions through individual wallets will not trigger regulatory requirements if specific criteria are met.

User interfaces—including websites and mobile apps supporting blockchain-based trading—are exempt from securities broker registration provided they refrain from order redirection, investment advice, custody of user assets, and maintain fixed, neutral fee structures. The SEC framed this as an interim measure to clarify how federal securities laws apply to crypto asset securities.

The announcement follows SEC Chair Paul Atkins' recent push for crypto market structure legislation, emphasizing regulatory readiness from both the SEC and CFTC. Congressional action now appears to be the decisive factor in advancing these frameworks.