• SEC allows some crypto interfaces to avoid broker status if they remain fully neutral and user-controlled.
• Platforms must avoid influencing trades and rely only on transparent, rule-based data for execution options.
• Strict limits bar custody, trade execution, or advice, tightening boundaries for DeFi front-end operations.

The U.S. Securities and Exchange Commission has issued new guidance on when crypto trading interfaces can operate without registering as broker-dealers. The Division of Trading and Markets released the statement on April 13, 2026. It focuses on DeFi front-ends, wallet apps, and crypto aggregators that help users prepare transactions involving crypto asset securities.

The SEC said these “Covered…