Another big win for the crypto industry, Securities and Exchange Commission The Division of Markets and Trading (SEC) issued a statement today stating that certain software user interfaces used for crypto trading do not need to register as broker-dealers.
SEC, under the leadership of the Chairman Paul Atkinshas led the regulator decisively towards digital asset innovation. This is in contrast to the previous Biden Administration, which decided that all crypto and digital asset innovations were bad and effectively rejected the Fintech shift.
The episode explained this Law of Change It broadly defines a “broker” to mean “any person engaged in the business of executing securities transactions for the account of others.”
The episode stated: Covered User Interface ProviderAs mentioned, you will not need to register as a broker-dealer.
This effectively means that sites or apps that connect to DeFi protocols or self-custodial wallets will get a pass to register as brokers. These interfaces must be It operates in a limited, non-discretionary and non-intermediary manner.
- to negotiate terms for any transaction;
- solicit certain cryptoasset securities transactions;
- make investment recommendations or recommendations;
- arranging finance;
- processing of commercial documents;
- conducting independent asset valuations;
- hold, have access to, manage, administer or possess user funds, securities or stablecoins;
- to carry out or conclude transactions; or
- to take or direct orders.
The SEC has been tracking the most significant updates with global impact in the securities and investment ecosystem for almost 100 years.
The Department is accepting comments on the statement. Document can be seen here.
