TLDR Tech / Crypto
Wallet Extensions Can Operate Without Broker-Dealer Registration
The SEC has outlined conditions under which certain crypto interfaces (e.g., DeFi front-ends, wallet extensions, and apps) may operate without broker-dealer registration. They include: self-custodial only with no custody of user funds, no investment advice or recommendations, no order routing or execution, fixed and neutral fee structures, and no discretion over transactions or market activity. The guidance effectively carves out a non-intermediary lane for neutral software interfaces, a significant clarification that the crypto industry has sought for years.
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