The SEC’s Division of Trading & Markets today issued a conditional no-action position that it would not object if compliant “user interfaces” designed to facilitate the execution of crypto securities transactions operate without registering as broker-dealers.  In plain English, the staff’s position applies to interfaces operating in a neutral fashion by providing mechanics to facilitate transactions on one or more trading platforms.  The staff defines “user interface” as “an interface provided by a website, browser extension, or other software application (e.g., mobile application) that may be embedded in a wallet or separately available for download, designed to assist users engaging in user-initiated crypto asset…