SEC Opens Limited Broker Exemption Path for Crypto Trading Interfaces
By Micah Zimmerman
The U.S. SEC issued staff guidance exempting certain 'covered user interfaces' for crypto securities trading from broker-dealer registration if they meet strict conditions, including no trade recommendations, full user control, and neutral operation. These interfaces facilitate transactions via self-custodial wallets without exercising discretion or influence. This builds on recent SEC-CFTC guidance clarifying most digital assets are not securities.
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