SEC's Peirce argues crypto wallets are not brokers, calls for new rules

U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce is calling for a new rule-making process for crypto wallets, arguing they should not be automatically classified as broker-dealers, BeInCrypto reports. Her comments follow the SEC's announcement today of new guidance that exempts certain DeFi and non-custodial wallets from broker-dealer registration. However, this guidance has been noted for its lack of long-term certainty, as it can be withdrawn within the next five years.