Hester Peirce Slams SEC as Crypto Wallet Rules Ignite Broker Fight
钱包里的风暴
04-14 06:00
Ai Focus
Hester Peirce is fueling a regulatory clash inside the SEC after new guidance on crypto interfaces raised fresh questions about whether wallets and front-end tools should be treated as broker-dealers. The pro-crypto SEC commissioner urges public comments to help refine regulations, aiming to preserve innovation in user tools for self-custody and blockchain interactions without overly
Helpful
No.Help

Hester Peirce is fueling a regulatory clash inside the SEC after new guidance on crypto interfaces raised fresh questions about whether wallets and front-end tools should be treated as broker-dealers.

The pro-crypto SEC commissioner urges public comments to help refine regulations, aiming to preserve innovation in user tools for self-custody and blockchain interactions without overly broad securities law interpretations.

Sponsored
Sponsored

Hester Peirce Calls for Formal Rulemaking In SEC’s New Crypto Interface Guidance

The SEC Division of Trading and Markets has released interim guidance addressing how broker-dealer rules apply to crypto user interfaces.

The statement focuses on “covered user interfaces” used to prepare and transmit blockchain-based transactions.

Under the framework, certain wallet-connected interfaces would not be classified as broker-dealers if they meet strict conditions.

These include allowing users full control over transaction parameters, avoiding trade solicitation, and relying on objective routing and pricing mechanisms.

The SEC said the guidance is temporary and may be withdrawn within five years if not formalized through rulemaking. Officials described it as an interim step while broader crypto regulatory questions remain under review.

Sponsored
Sponsored

Commissioner Hester Peirce responded by welcoming the clarity but warning that staff guidance is not enough to resolve deeper legal uncertainty.

She argued that relying on temporary statements leaves developers exposed to shifting interpretations of the broker definition under securities law.

Peirce emphasized that wallets and interfaces should not automatically be treated as brokers simply for transmitting user instructions or displaying market data.

Peirce also called for full Commission rulemaking to modernize the broker definition in line with blockchain based market structures.

“Crypto is forcing the Commission to confront its inner demons that have driven it toward ever more expansive readings of the securities laws,” wrote Peirce in a statement.

She said fragmented enforcement and guidance have created long standing uncertainty for innovators.

Crypto Developers Face Regulatory Gray Area

The SEC framework attempts to distinguish between neutral software providers and firms that actively execute trades, route orders, or manage customer funds.

Entities that provide custody, investment advice, or transaction execution remain subject to broker dealer requirements.

Industry participants have repeatedly argued that unclear classification rules have slowed innovation in self custodial wallets and decentralized finance interfaces.

This new guidance is intended to provide temporary clarity but does not permanently resolve legal definitions.

The SEC is now soliciting public input on how broker definitions should apply to emerging blockchain technologies. The outcome could determine whether crypto interfaces are treated as neutral software tools or regulated financial intermediaries.

The next phase of rulemaking may prove decisive in shaping how digital asset markets evolve in the United States.

Tip
$0
Like
0
Save
0
Views 254
WalletJYS reminds readers to view blockchain rationally, stay aware of risks, and beware of virtual token issuance and speculation. All content on this site represents market information or related viewpoints only and does not constitute any form of investment advice. If you find sensitive content, please click“Report”,and we will handle it promptly。
Submit
Comment 0
Hot
Latest
No comments yet. Be the first!
Related
Ethereum: Ethereum MEV Bot Launches a $7.8 Million rsETH Attack
An attack attempt on Ethereum worth approximately $7.8 million rsETH was preempted by a MEV bot, exposing authorization verification issues with the executor related to the Safe module.
Cryptonews
·2026-09-16 01:09:12
8
web3: The US Department of Justice initiates a confiscation case regarding $61 million in crypto assets
The US Department of Justice stated that the relevant crypto assets are linked to Iran's oil sales revenues, and the case involves the Binance account and two Chinese companies.
The Cryptonomist
·2026-09-16 00:45:21
13
web3: Penning Authorized by Danish MiCA to Expand Financial Management Business
Danish crypto service provider Penning reveals the scope of its MiCA authorization, cross-border passport arrangements, and the new business layout after acquiring the wealth management business of Veli.
The Cryptonomist
·2026-09-16 00:21:55
13
Ethereum: On the eve of the CLARITY Act vote, cryptocurrencies such as Bitcoin decline
Before the U.S. Senate voted on CLARITY Act, the crypto market saw a decline, with prices of Bitcoin, Ethereum, and XRP falling, and the scale of liquidations expanding.
CoinPedia
·2026-09-16 00:21:51
14
web3: U.S. Senate's Crypto Market Structure Act Stalls
The prospects for the first round of voting on the U.S. Senate's Cryptocurrency Market Structure Act are uncertain, with divisions between the two parties still unresolved.
CoinDesk
·2026-09-16 00:21:47
13
View More