The conditions to avoid registration are detailed and prescriptive. A Covered User Interface must permit users to customize any default crypto asset security transaction parameters, provide educational material to help users formulate and set desired parameters and refrain from soliciting or recommending specific transactions. The interface may connect to trading venues or liquidity sources, including those operated by the provider or its affiliates, but must do so on a neutral basis, with any affiliations clearly disclosed and without preferential treatment.

Where an interface presents execution routes, it must allow users to view alternative routes, if applicable, and provide filtering or sorting tools based on objective…