The U.S. Securities and Exchange Commission has granted a five-year reprieve to certain decentralized finance user interfaces, allowing them to operate without broker-dealer registration. The guidance targets software like wallet apps and browser extensions that facilitate trades in crypto asset securities under strict conditions.
Covered interfaces must avoid trade solicitation, maintain neutral fees, and provide clear disclosures. Market data can be displayed, but endorsements like 'best price' are prohibited. This interim measure clarifies federal securities laws amid ongoing crypto regulation debates, though custody and advisory roles remain unaddressed.
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