In a landmark move for the technology industry, the U.S. Securities and Exchange Commission’s (SEC) Division of Exchange and Markets issued a statement on Monday, April 13, 2026.
The department said it does not object to providers of user interfaces, such as those built into self-custody wallets, operating without the need to register as a broker. This measure applies as long as these tools are limited to facilitating the preparation of transactions; Adhering to strict standards of transparency and controls By user.
In response to this comment, the SEC staff: search Provide interim certainty for software developers Technical staff understands that a “Target User Interface” is simple software that translates user parameters, such as purchases, sales, prices, etc., into network-readable code that is signed from a wallet in which the individual has his or her own private key. In this way, the software acts as a technological bridge rather than a discretionary financial intermediary.
To access this registration exemption, Suppliers must meet various conditions. First, it must guarantee user autonomy and allow customization of parameters such as “gas” fees and price slides. Additionally, Providers are prohibited from soliciting certain transactions or providing financial advice. Technical neutrality is essential. Software should indicate execution paths using objective parameters without making judgments about the best available price.
Regarding business models, compensation should be limited to a fixed fee or consistent percentage, and receiving payments for order flow should be explicitly prohibited, according to a statement from the SEC division. In addition, Companies must disclose relationships with trading venues and warn about cybersecurity risks.
This opinion is an interim measure with a validity period of five years, which will be extended until April 2031, while the European Commission defines the final rules regarding this digital asset.
This split announcement represents the first concrete step for Project Crypto. The initiative, a collaboration between the SEC and the Commodity Futures Trading Commission (CFTC), was originally announced by securities regulator Paul Atkins in August 2025, CriptoNoticias reported. Project Crypto emerged with the aim of modernizing financial rules to allow U.S. markets to operate on a distributed ledger, following recommendations from the government’s Digital Assets Task Force.
This SEC Division of Trading and Markets statement is not legally enforceable and does not formally change current regulations. Establish temporary “safe harbors” that foster innovation. Recognizing the nature of digital currencies and the importance of self-custody, the SEC allows software development to proceed without the regulatory burden of traditional brokerages, as long as the sovereignty of transactions remains solely with the user.
