SEC Says Crypto Wallet Software for Self-Custodied Transactions Won’t Need Broker Registration

The U.S. Securities and Exchange Commission said its staff concluded that software used to let users transact crypto assets through self-custodied wallets would not need to be registered or regulated as a broker.

“KEY POINTS: - Crypto regulation is advancing with the pending vote on the market structure”

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CoinDesk reported that the SEC’s staff said the software “will not be considered in itself as belonging to the category of brokers or dealers,” as long as it stays within the staff’s described limits.

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The same CoinDesk account said the staff provided a list of measures for interface creators, including that it “no solicita a los inversionistas que participen en ninguna transacción específica de valores de criptoactivos.”

CoinDesk also said the staff warned that if an interface offers financing, provides investment recommendations, manages users’ assets, takes orders, or executes transactions, it would no longer be outside the regulatory scope described in the opinion.

The SEC’s 2026 regulatory agenda also points to broader rulemaking for crypto, with SEC Chairman Paul S. Atkins saying the agency is “embracing innovation” to bring more products onshore and create “clear rules of the road” for capital raising with crypto assets.

PYMNTS reported that Atkins said the SEC’s agenda would propose rules titled “Crypto Assets,” and that the SEC said the proposed rule would aim to provide greater certainty, facilitate capital formation, accommodate innovation, and ensure investors are adequately protected.

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PYMNTS said a third proposed rule, “Crypto Market Structure Amendments,” would amend Exchange Act Rules to account for trading of crypto assets on alternative trading systems (ATSs) and national securities exchanges.

The Cryptonomist added that the SEC’s updated 2026 agenda shows its “so-called Regulation Crypto” proposal could land as early as July 2026, followed by a public comment period.

Beyond safe harbors and agenda proposals, the SEC’s rulemaking plans are framed as part of a larger push to clarify how crypto fits existing securities and market-structure rules.

The Cryptonomist said Regulation Crypto would establish safe harbors and exemptions for certain on-chain activities, including DeFi and tokenized securities, and it described eligible startups as those valued under $5 million in their first four years.

The Cryptonomist also said entrepreneurs may raise up to $75 million via qualifying crypto investment contracts, and it tied the proposal’s scope and timing to the fate of Congress’s CLARITY Act, which must pass by August 2026 to have any realistic chance of becoming law this year.

Crypto.news reported that the SEC added three crypto-related rule proposals to its 2026 regulatory agenda covering crypto assets, crypto broker-dealers, and crypto market structure, while Congress continued to debate the CLARITY Act with a Senate deadline described as Aug. 7.