To qualify, the provider must not direct users to purchase a specific asset or choose a particular provider for exchange or transaction. The provider is also prohibited from using phrases such as "best price" or "choose this route." In addition, they must comply with other requirements. However, the SEC has requested public comments to adjust the rules. The statement was published by staff from the SEC's Division of Trading and Markets. This is not an official rule or guidance but an interim step until the SEC establishes clear regulatory requirements for the crypto industry. Commissioner Hester Peirce supported the division's statement, though she emphasized her advocacy for a more consistent regulatory approach.
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The SEC proposes to exempt certain non-custodial crypto wallets from registering as brokers
To qualify, the provider must not direct users to purchase a specific asset or choose a particular provider for exchange or transaction. The provider is also prohibited from using phrases such as "bes...