SEC Clarifies When Crypto Trade Interfaces Can Operate Without Broker-Dealer Registration

SEC staff provide an interim view that a Covered User Interface Provider (e.g., a self-custodial wallet with a crypto asset securities UI) may operate without registering as a broker-dealer under Section 15(a) if it does not solicit investors, offers objective execution routes, discloses affiliations and material risks, uses a fixed fee, and maintains policies to evaluate venues and parameters; the guidance outlines disclosure requirements and is open for public comment, expiring five years from April 13, 2026.