Svmuu News The U.S. Securities and Exchange Commission's (SEC) Division of Trading and Markets has issued a staff statement providing guidance on whether certain user interfaces used to generate orders for crypto asset securities transactions (Covered User Interfaces) need to register as brokers.
The statement indicates that, under specific conditions, providers of such interfaces may not need to register as broker-dealers under Section 15 of the Securities Exchange Act. These conditions include: not actively soliciting specific transactions, not providing investment advice, not controlling or executing trades, generating orders solely based on objective parameters, and fully disclosing fee structures, potential conflicts of interest, and related risks to users.
The U.S. SEC emphasized that such interfaces typically exist in the form of websites, browser extensions, or wallet applications, used to convert user-defined trading parameters into executable on-chain orders, while also providing market data such as prices, routing, and fees.
Furthermore, the statement clarifies that this exemption does not apply to activities such as participating in trade matching, custody of funds, order routing, or providing investment advice. The related guidance is an interim view and, absent further action, will automatically expire five years from April 13, 2026.
The U.S. SEC stated that this move aims to provide a clearer regulatory framework for activities related to crypto asset securities and will continue to solicit market feedback.