SEC Staff Issues No-Action Relief for Crypto User Interface Providers
If you build a crypto wallet or trading interface, the SEC just told you when you don't need a broker-dealer license.
What Changed
On April 13, the SEC's Division of Trading and Markets issued a statement outlining conditions under which a "Covered User Interface Provider" — any person who creates, offers, or operates websites or downloadable wallet software designed to assist users in crypto asset securities transactions — may operate without registering as a broker-dealer. The relief applies to non-custodial interfaces only and does not extend to platforms that hold customer assets.
Who It Affects
Crypto wallet developers, DEX front-end builders, portfolio tracking platforms, and any software provider whose interface facilitates crypto securities transactions without taking custody of assets.
What to Do
Review whether your product meets the definition of a Covered User Interface Provider. If you build non-custodial interfaces, document your compliance with the conditions in the statement. If your platform takes custody at any point in the transaction, the no-action relief does not apply and broker-dealer registration remains required.
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