CTF Written Submission

Re: Request for Information Regarding National Securities Exchanges and Alternative Trading Systems Trading Crypto Assets — Request No. 16

Jan. 9, 2026
  • The SEC should adopt a technology-neutral framework that distinguishes true intermediaries (those holding funds or controlling execution) from developers of non-custodial, non-discretionary software tools.
  • Interpretive guidance should confirm that publishing or maintaining non-custodial software (wallets, smart contracts, passive interfaces) does not constitute operating an exchange, clearing agency, or effecting transactions for others.
  • The definition of “exchange” should exclude non-custodial, non-discretionary software that does not perform marketplace functions, ensuring communication layers and read-only tools remain outside regulatory scope.
     

Last Reviewed or Updated: Jan. 9, 2026