- The SEC issued new guidance exempting certain crypto apps and wallets from broker-dealer registration requirements.
- Exempt platforms must avoid giving investment advice or storing user assets and can only charge neutral, fixed fees.
- SEC Chair Paul Atkins has called for Congress to pass crypto market structure legislation, signaling a more pro-crypto regulatory shift.
The U.S. Securities and Exchange Commission clarified this week that crypto trading apps and wallets meeting specific conditions will not need to register as securities brokers. This guidance provides a clearer regulatory pathway for software facilitating blockchain-based trading with individual wallets.
The conditions include providing no order redirection, no investment advice, and no storage of user assets. Furthermore, exempt platforms must maintain only fixed, neutral fee structures.
Consequently, the agency stated this is an interim step “to provide greater clarity regarding the application of federal securities laws to activities involving crypto asset securities.” This move represents a significant acknowledgement of the sector’s evolving role in traditional finance.
Meanwhile, SEC Chair Paul Atkins recently urged lawmakers to act, posting to X that “now is the time” for Congress to pass crypto market structure legislation. He indicated that the SEC and CFTC are prepared to implement such rules.
The regulatory stance has shifted dramatically in the past two years under Chair Atkins. Now, the agency is seen as mostly pro-crypto, having passed several rule changes that lessen the industry’s regulatory burden.
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