SEC Commissioner Hester Peirce has stated that crypto wallets should not automatically be classified as broker-dealers. According to NS3.AI, Peirce emphasized the need for a new rulemaking process to address this issue. In a related development, the SEC has issued guidance that exempts certain decentralized finance (DeFi) and non-custodial wallets from broker-dealer registration requirements. However, this guidance is subject to withdrawal within five years, creating uncertainty for long-term planning.