Policy | April 14, 2026

SEC Staff Gives Wallet Interfaces a Broker-Dealer Path

The agency's trading staff said some self-custody crypto interfaces can avoid broker-dealer registration if they leave transaction choice and execution with users.

The SEC's Division of Trading and Markets staff gave crypto wallet and app builders a limited path for operating some transaction interfaces without registering as broker-dealers.

The statement covers software that helps users prepare transactions in crypto asset securities through a self-custodial wallet. The interface may convert user choices into blockchain-ready commands, show market data, estimate gas costs, and charge a fixed user fee. The staff said it would not object to those providers staying outside broker-dealer registration when the user controls the trade parameters and the interface does not solicit a specific securities transaction.