Providing self-custody hardware or software is outside the section
What the document says“The requirements of this section shall not apply to any person solely on the basis that such person engages in the business of providing hardware or software to facilitate a customer's own custody or safekeeping of the customer's payment stablecoins or private keys.”
Subsection (e). The exclusion turns on the word solely: providing the hardware or software alone does not bring a person within the section. Section 3(h)(1)(C) makes a similar point about transactions by means of a wallet that facilitates an individual's own custody.
What the document actually says“The requirements of this section shall not apply to any person solely on the basis that such person engages in the business of providing hardware or software to facilitate a customer's own custody or safekeeping of the customer's payment stablecoins or private keys.”
This part does not reach a firm that only sells the tools. Those are the tools people use to hold their own coins or keys.
A wallet is such a tool. It can be an app or a device. Making one does not by itself make a firm a keeper of assets.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.