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What The SEC’s Latest Crypto Self-Custody Update Means For DeFi, Wallets, And Bitcoin

The US SEC's Division of Trading and Markets has issued new guidance clarifying that certain trading interfaces—including DeFi front-ends, wallets, and mobile apps—may avoid broker-dealer registration if they meet strict conditions. Key requirements include user control of private keys, purely facilitative functions without discretionary routing or investment advice, and transparent, fixed fees. The guidance applies only to "crypto asset securities," excluding Bitcoin, which the SEC considers a commodity. This marks a tonal shift from the Gensler era, emphasizing that self-custodial, non-intermediated activity lies outside broker-dealer regulation. SEC Chair Paul Atkins has hinted at a potential "innovation exemption" for decentralized trading infrastructures.

bitcoinist04/14 08:22

What The SEC’s Latest Crypto Self-Custody Update Means For DeFi, Wallets, And Bitcoin

bitcoinist04/14 08:22

Five-Year Exemption Window: SEC Officially Eases Restrictions on Crypto Asset Securities Trading Interfaces

The U.S. SEC’s Division of Trading and Markets has issued a staff statement providing a five-year exemption from broker-dealer registration for certain crypto asset securities trading interfaces, effective until April 13, 2031. The guidance clarifies that front-end interfaces—such as DeFi platforms, browser extensions, and self-custody wallet integrations—are not considered brokers if they solely act as neutral tools that translate user trading parameters into executable on-chain instructions and provide market data (e.g., gas fees, execution routes), without engaging in order execution, custody, or transaction facilitation. To qualify, these “Covered user interfaces” must adhere to 12 strict conditions centered on neutrality, transparency, and user control. Key requirements include: - Strict neutrality: no promotion of specific securities or execution paths; only objective, verifiable data display. - No payment for order flow or third-party compensation; only fixed, uniform fees permitted. - Full disclosure of conflicts, operational policies, and clear statements that the interface is not SEC-registered. The statement explicitly prohibits interfaces from negotiating terms, offering investment advice, handling user assets, or routing orders. This move aims to separate technical front-ends from financial intermediation, pushing the industry toward compliant, non-custodial, and transparent operations while addressing risks like MEV through enhanced user awareness.

marsbit04/14 07:25

Five-Year Exemption Window: SEC Officially Eases Restrictions on Crypto Asset Securities Trading Interfaces

marsbit04/14 07:25

Crypto May No Longer Be Treated Like Penny Stocks Under SEC Plan

The US Securities and Exchange Commission (SEC) has proposed amending Exchange Act Rule 15c2-11 to apply only to equity securities, a move that could significantly impact crypto market structure. The rule, historically used to prevent fraud in over-the-counter equity markets, would no longer broadly apply to other asset classes like cryptocurrencies. This change is seen as a meaningful shift away from forcing crypto into existing securities frameworks. By excluding crypto from these rules—originally designed for penny stocks—the SEC signals a more tailored regulatory approach. The proposal is open for public comment, reflecting the agency's growing willingness to treat crypto differently from traditional equities.

bitcoinist03/17 16:02

Crypto May No Longer Be Treated Like Penny Stocks Under SEC Plan

bitcoinist03/17 16:02

U.S. SEC Clarifies Rule 15c2‑11 Applies Only to Equity Securities

The U.S. Securities and Exchange Commission (SEC) has clarified that Rule 15c2-11 applies only to equity securities, not to other asset classes such as crypto-linked products. The rule aims to prevent manipulative and fraudulent trading in over-the-counter (OTC) equity markets and requires broker-dealers to gather and verify key information before quoting or maintaining a market for OTC securities. Commissioner Hester Peirce expressed support for the amendment, acknowledging that earlier amendments had created confusion regarding the rule’s scope. She encouraged public comments on the proposed revisions, particularly regarding the definition of equity securities, the rule’s applicability to crypto assets, and the establishment of expert markets. This clarification resolves previous uncertainty that led some brokers to halt crypto trading due to legal concerns. The move follows a recent SEC framework focused on developing a token taxonomy to categorize cryptocurrencies and determine their regulatory status.

TheNewsCrypto03/17 14:07

U.S. SEC Clarifies Rule 15c2‑11 Applies Only to Equity Securities

TheNewsCrypto03/17 14:07

The 'Stablecoin Revolution' on the Balance Sheet: SEC Uses a '2% Discount' to Tear Open a Gap for Digital Asset Compliance

In a significant move toward integrating digital assets into mainstream finance, the U.S. SEC’s Division of Trading and Markets issued new guidance on February 19, allowing broker-dealers to apply a 2% discount—rather than a punitive 100% haircut—to certain payment stablecoins when calculating net capital reserves. This adjustment, announced via a statement by SEC Crypto Hub Chair Hester Peirce, aligns the regulatory treatment of qualifying stablecoins with that of money market funds and other low-risk instruments. The decision aims to remove operational and financial barriers for regulated intermediaries holding stablecoins, which serve as critical infrastructure for on-chain transactions, settlements, and tokenized securities. The guidance bridges current state-level frameworks with the forthcoming federal standards under the GENIUS Act—signed into law in July 2025—which establishes a comprehensive regulatory regime for payment stablecoins. This shift is part of a broader effort by the SEC to move away from enforcement-heavy oversight under former leadership and toward clearer, more accommodating rules. The change may encourage more broker-dealers, banks, and trading platforms to engage with digital assets, thereby expanding access to stablecoin-based services for consumers through regulated channels rather than offshore platforms. While challenges remain—including state-federal regulatory coordination and pending market structure legislation—the 2% discount symbolizes a meaningful step in recognizing stablecoins as legitimate financial tools within the U.S. securities regulatory system.

Odaily星球日报02/21 06:20

The 'Stablecoin Revolution' on the Balance Sheet: SEC Uses a '2% Discount' to Tear Open a Gap for Digital Asset Compliance