The U.S. Securities and Exchange Commission’s Division of Trading and Markets (SEC) has issued a staff statement providing guidance on whether certain user interfaces used to generate trading instructions for crypto asset securities (Covered User Interfaces) need to register as brokers. The statement says that, under certain conditions, providers of such interfaces may be exempt from broker-dealer registration under Section 15 of Закон о биржах ценных бумаг, 5 лет. These conditions include: not actively soliciting specific trades, not providing investment advice, not controlling or executing trades, generating trading instructions solely based on objective parameters, and fully disclosing the fee structure, potential conflicts of interest, and the related risks to users. The SEC emphasizes that these interfaces typically exist as websites, browser plugins, or wallet applications that convert user-specified trading parameters into executable instructions on the blockchain, and also provide market data such as prices, paths, and fees. This exemption does not apply to activities such as trade matching, custody of funds, order routing, or providing investment advice. These guidelines are temporary opinions and will automatically expire five years after April 13, 2026, unless further action is taken, with the goal of providing a clearer regulatory basis for activities related to crypto asset securities while continuously soliciting market feedback.