The U.S. Securities and Exchange Commission (SEC) has issued new guidance clarifying how crypto trading platforms can operate under existing securities laws. The regulatory focus centers on software tools—such as websites, mobile apps, and wallet interfaces—that facilitate blockchain transactions without directly handling user assets.

These 'covered user interfaces' may avoid broker-dealer registration if they maintain strict neutrality. Platforms must refrain from influencing trades, managing funds, or promoting specific investments. The SEC mandates transparent presentation of options using objective metrics like price or speed, coupled with educational resources to empower user decision-making.

Decentralized finance (DeFi) protocols and self-custody wallet providers face heightened scrutiny. The rules establish clear boundaries: interfaces acting purely as passive conduits for user-initiated transactions may continue operating, while those crossing into advisory or custodial roles will face enforcement actions.