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ARTICLE · 13 APRIL 2026

SEC Outlines Time-Limited Path Forward For Crypto User Interface Providers On Broker-Dealer Registration

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The SEC's Division of Trading and Markets has released a staff statement outlining conditions under which crypto asset securities user interface providers may operate without broker-dealer registration, creating a temporary five-year framework while broader regulatory issues are considered.

United StatesTechnology
Wayne M. Aaron
Wayne M. Aaron
James Brady
James Brady
Michael Didiuk
Michael Didiuk
Alexander C. Kim
Alexander C. Kim
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The Securities and Exchange Commission’s (SEC or the Commission) Division of Trading and Markets yesterday released a Staff statement (the Statement) outlining conditions under which providers of certain crypto asset securities user interfaces may operate without registering as broker-dealers under Section 15(a) of the Securities Exchange Act of 1934, as amended (the Exchange Act). The Statement reflects Commission Staff's views as an interim measure while the Commission considers broader regulatory issues and, absent further action, will automatically be considered withdrawn five years after its release date. Commissioner Hester M. Peirce issued a statement, rightly observing that the Statement requires the Commission to “confront its inner demons” on evaluating what constitutes being a “broker” under the Exchange Act.

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