Market Data 
The U.S. Securities and Exchange Commission has opened a narrower path for certain crypto trading interfaces to operate without broker-dealer registration. On April 13, 2026, the agency’s Division of Trading and Markets released a staff statement covering interfaces that prepare transactions involving crypto asset securities.
The move targets front ends, wallet apps, browser extensions, and aggregators that help users build blockchain-ready instructions from self-directed inputs. However, it does not cover platforms that take custody, execute trades, steer orders, or advise users.
NEW 🚨: As part of Project Crypto, the Division of Trading and Markets issued a staff statement providing its views on broker-dealer registration requirements in connection with certain interfaces used to prepare transactions in crypto asset securities. pic.twitter.com/gmp7jbBhgV
— U.S. Securities and Exchange Commission (@SECGov) April 13, 2026
The statement centers on what it calls “Covered User Interface Providers.” According to the report, these firms may avoid registration if they remain strictly neutral and meet 12 conditions. Their role must stop at translating user choices into readable transaction commands for self-custody wallets.
That means users, not providers, must control asset selection, pricing ranges, trade direction, and execution choices. The approach, regardless, was framed as interim relief, not a permanent rewrite of broker-dealer rules.
Where the SEC Draws the Line for Crypto Interfaces
The new position gives clearer boundaries to a category that has often sat between software and securities regulation. Interfaces may display market data, gas estimates, and available execution routes.
They may also charge a fixed transaction fee. However, they cannot touch customer funds, handle order execution, negotiate trades, or manage assets. That separation matters, as Section 15(a) of the Securities Exchange Act of 1934 generally requires registration for those effecting securities transactions for others.
In this case, the staff said it would not object when a provider stays inside the stated limits. The exemption is practical but narrow. Once a platform begins acting like a middleman, the registration question returns immediately.
The 12 Rules Providers Must Follow to Stay Exempt
The SEC statement places the heaviest weight on neutrality, transparency, and user control. Per the report, providers must let users modify default transaction settings and offer educational materials that support independent decisions.
They cannot solicit users into specific crypto asset securities transactions. They also cannot provide investment advice or otherwise shape trading behavior. Basically, routing rules are especially strict.
If an interface shows only one execution path, users must still be able to review alternatives. If multiple paths appear, the tool can sort them using objective measures like price or speed. It cannot label one route as the “best” choice. Compensation rules are equally rigid.
Fees must be fixed and applied consistently across assets, venues, products, routes, and counterparties. A provider cannot earn more because a user selects one venue over another. That restriction is meant to prevent hidden incentives from influencing transaction flow.
Disclosure Rules, Conflict Standards, and Venue Access
Not to leave out, the disclosure burden is broad. Providers must tell users that the operator is not registered with or regulated by the SEC for the interface’s operation. They must also disclose fees, fee calculations, conflicts of interest, cybersecurity policies, and data protection practices related to maximal extractable value strategies. In addition, every connected trading venue or liquidity pool must be identified clearly.
Where affiliations exist, equal treatment is required. Any affiliated venue must be disclosed and connected on the same terms as unaffiliated venues. The interface cannot quietly tilt access toward an in-house market. Internal records also matter. Staff said policies, procedures, and records combining private books with on-chain transaction data may help demonstrate compliance.
The Hard Limits of the SEC’s Relief
The relief does not create a free pass for crypto firms. Platforms still cannot hold funds, execute trades, provide advice, negotiate deals, or manage user assets. Any provider that crosses those lines must register as a broker-dealer.
The statement also remains temporary. Per reports, it will be considered withdrawn on April 13, 2031, unless the Commission acts earlier. The agency also noted that public comments are welcome under File Number 4-894.
That keeps the door open for revision while broader federal crypto work continues. For now, the statement gives non-custodial trading interfaces something the market has long sought: a defined operating lane, but only if they stay neutral, transparent, and firmly outside the trade itself.
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