SEC Staff Issues Broker-Dealer Registration Guidance for Certain User Interfaces

On April 13, 2026, the staff of the Division of Trading and Markets (“Staff”) of the U.S. Securities and Exchange Commission (“SEC” or “Commission”) issued a statement (“Statement”) clarifying its views on broker-dealer registration requirements under Section 15(a) of the Securities Exchange Act of 1934 (“Exchange Act”) with respect to persons that create, offer, or operate a “Covered User Interface” (“CUI”) that allows users to initiate self-directed transactions in crypto asset securities.... By: WilmerHale