The US SEC issued a statement providing key guidance: some crypto trading platforms do not require broker registration.

The U.S. Securities and Exchange Commission (SEC) Division of Trading and Markets issued a staff statement providing guidance on whether certain covered user interfaces (CUIs) used to generate trading orders for crypto-asset securities need to be registered as broker-dealers. The statement indicates that, under certain conditions, providers of such interfaces may not need to register as broker-dealers under Section 15 of the Securities Exchange Act. These conditions include: not soliciting specific trades, not providing investment advice, not controlling or executing trades, generating trading orders solely based on objective parameters, and fully disclosing to users their fee structure, potential conflicts of interest, and related risks. The SEC emphasizes that such interfaces typically exist as websites, browser plugins, or wallet applications, used to convert user-defined trading parameters into on-chain executable instructions, while also providing market data such as prices, paths, and fees. Furthermore, the statement clarifies that this exemption does not apply to activities such as participating in trade matching, fund custody, order routing, or providing investment advice. This guidance is interim and will automatically expire five years after April 13, 2026, unless further action is taken. The U.S. SEC stated that this move aims to provide a clearer regulatory framework for activities related to crypto asset securities and to continue to solicit market feedback.