Odaily Planet Daily report: The U.S. Securities and Exchange Commission (SEC) Division of Trading and Markets issued a staff statement providing guidance on whether certain user interfaces used to generate trading orders for crypto assets must register as brokers.
The statement indicates that, under specific conditions, providers of such interfaces may operate without registering as broker-dealers under Section 15 of the Securities Exchange Act. These conditions include: not actively soliciting specific trades, not providing investment advice, not controlling or executing trades, generating trade instructions solely based on objective parameters, and fully disclosing fee structures, potential conflicts of interest, and associated risks to users.
The U.S. SEC emphasizes that such interfaces typically exist as websites, browser extensions, or wallet applications, designed to convert users' specified trading parameters into on-chain executable instructions, while also providing market data such as prices, routes, and transaction fees.
In addition, the statement explicitly clarifies that such exemptions do not apply to activities such as matching trades, holding funds, routing orders, or providing investment advice. The related guidance represents interim opinions and will automatically expire five years after 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 continues to seek market feedback.