The U.S. SEC issues a statement releasing key guidelines, with some crypto trading front ends not requiring registration as brokers.

Mars Finance News: 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 crypto asset securities trading instructions (Covered User Interface) need to be registered as broker-dealers. The statement notes that, under specific conditions, providers of such interfaces may not be required to register 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 trading instructions solely based on objective parameters, and fully disclosing fee structures, potential conflicts of interest, and related risks to users. The SEC emphasizes that such interfaces typically exist as websites, browser plugins, or wallet applications, used to convert user-set trading parameters into on-chain executable instructions, while also providing market data such as prices, routes, and fees. Additionally, the statement clarifies that this exemption does not apply to activities such as matching trades, custody of funds, order routing, or providing investment advice. The guidance is a temporary opinion and will automatically expire in 2026 if no further action is taken. The SEC states that this move aims to provide a clearer regulatory framework for activities related to crypto asset securities and will continue to seek market feedback.