SEC Staff Statement on Crypto Trading Interfaces: Key Takeaways and Implications for Market Participants

On April 13, 2026, the SEC’s Division of Trading and Markets issued a staff statement (the “Statement”) addressing when certain user interfaces used to facilitate transactions in crypto asset securities may operate without registering as broker-dealers under Section 15 of the Securities Exchange Act of 1934 (“the Exchange Act”). The Statement introduces the concept of a “Covered User Interface” —a non-custodial, user-facing application such as a website, mobile app or wallet interface (or “front... By: Pillsbury Winthrop Shaw Pittman LLP