It is the first tangible step of Project Crypto, an initiative promoted by the SEC and the CFTC.
It is not a rule, regulation, guidance or statement from the SEC, but rather a staff opinion.
In a move that marks a milestone for the technology industry, the Division of Trading and Markets of the United States Securities and Exchange Commission (SEC) issued a statement on Monday, April 13, 2026.
The division said it will not oppose providers of user interfaces, such as those built into self-custody wallets, from operating without the need to register as brokers. This measure applies as long as these tools are limited to facilitating the preparation of transactions and comply with strict standards of transparency and control by the user.
With this opinion, the staff of the SEC seeks Offer provisional certainty to software developers against Section 15(a) of the Securities Exchange Act of 1934. Technical staff understand that a “Covered User Interface” is simply software that translates user parameters—such as buying, selling, or price—into network-readable code to be signed from a wallet where the individual has their own private keys. In this way, the software acts as a technical bridge and not as a discretionary financial intermediary.
To access this registration exemption, Suppliers must meet various conditions. First, they must guarantee user autonomy, allowing the customization of parameters such as “gas” commissions or price sliding. Additionally, the provider is prohibited from soliciting specific transactions or providing financial advice. Technical neutrality is essential: the software must use objective parameters to show execution paths, without making judgments about what is the best available price.
Regarding the business model, compensation should be limited to fixed fees or consistent percentages, explicitly prohibiting the receipt of payments for order flow, according to the SEC division’s statement. In addition, Companies must disclose any affiliation with trading venues and warn about cybersecurity risks.
This opinion is a provisional measure with a planned validity of five years, extending until April 2031, while the Commission defines definitive rules for this digital asset.
The split’s pronouncement represents Project Crypto’s first tangible step. This initiative, promoted jointly by the SEC and the Commodity and Futures Trading Commission (CFTC), was originally announced in August 2025 by the president of the securities regulatory body, Paul Atkins, as reported by CriptoNoticias. Project Crypto emerged with the aim of modernizing financial rules so that US markets can operate on distributed ledger, following the recommendations of the government’s digital assets task force.
Although this statement from the SEC Division of Trading and Markets does not have the force of law nor does it formally modify current regulations, establishes a temporary “safe harbor” that encourages innovation. Recognizing the nature of digital currencies and the importance of self-custody, the SEC allows software development to move forward without the regulatory burdens of traditional brokerages, as long as the sovereignty of the transaction remains solely in the hands of the user.