According to Wu Blockchain, the U.S. SEC Division of Trading and Markets has issued a staff statement indicating that certain user interfaces used for trading crypto asset securities (such as websites, wallet plugins, and mobile frontends) may not need to register as broker-dealers under specific conditions. These conditions include not providing investment advice, not routing orders on behalf of users, not holding user assets, and allowing fixed fees or transaction-based fees. This guidance applies to self-custody wallet trading frontends and is set to expire in 5 years unless the SEC takes further formal action. https://www.sec.gov/newsroom/speeches-statements/staff-statement-regarding-broker-dealer-registration-certain-user-interfaces-utilized-prepare-staff-statement-regarding-broker-dealer-registration-certain-user-interfaces-utilized