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SEC Regulation Crypto Assets proposal draws industry feedback
The U.S. Securities and Exchange Commission (SEC) has reached the conclusion of the public comment period for its proposed ‘Regulation Crypto Assets’ (Reg CA). The proposal, originally introduced in August 2026, aims to establish a structured framework for digital asset offerings through specific registration exemptions and a conditional safe harbor.
Key components of the proposal include a startup exemption allowing projects to raise up to $5 million over a four-year period, and a tiered fundraising exemption allowing up to $75 million within a 12-month window. The latter requires issuers to provide financial statements and adhere to ongoing reporting obligations. Additionally, the framework introduces a conditional safe harbor, Rule 400, which would allow a token to transition away from being classified as an investment contract once an issuer has completed or permanently ceased the essential managerial efforts promised to investors.
Industry participants have submitted diverse feedback. Ripple Labs expressed support for the proposal, arguing that the SEC has the authority to adopt it and emphasizing that the investment contract, rather than the token itself, should be the subject of securities classification. Conversely, the Hyperliquid Policy Center and Bitwise Asset Management requested specific refinements. These requests include clearer standards for evaluating assets using publicly available information, protections for token airdrops, and more certainty regarding secondary market trading and token buybacks.
Entities
Bitwise Asset Management · Hyperliquid Policy Center · Ripple · Ripple Labs Inc. · SEC · Stuart Alderoty · U.S. Securities and Exchange Commission
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 15 SOURCES] The public comment period for the regulation closed on October 20, 2026. btcwires.com · coin-turk.com · www.cryptobreaking.com · cryptonews.com.au · www.tokenpost.com · +10 more
- [● 9 SOURCES] Ripple argues that an investment contract can be a security without the underlying token being a security. blogtienao.com · coin-turk.com · captainaltcoin.com · cryptonomist.ch · www.sondakika.com · +3 more
- [● 3 SOURCES] Bitwise Asset Management requested a standard for evaluating crypto assets based on publicly available information. www.cryptobreaking.com · cryptonews.com.au · blockonomi.com
- [● 18 SOURCES] The proposal includes a fundraising exemption of up to $75 million within a 12-month window. btcwires.com · coin-turk.com · www.cryptobreaking.com · cryptonews.com.au · www.tokenpost.com · +13 more
- [● 18 SOURCES] The proposal includes a $5 million startup exemption over a four-year period. btcwires.com · coin-turk.com · www.cryptobreaking.com · cryptonews.com.au · www.tokenpost.com · +13 more
- [● 11 SOURCES] The Hyperliquid Policy Center requested five specific refinements to the SEC proposal. btcwires.com · www.cryptobreaking.com · cryptonews.com.au · www.tokenpost.com · cryptobriefing.com · +6 more
- [● 8 SOURCES] Ripple spent more than $150 million on its legal battle with the SEC. blogtienao.com · ambcrypto.com · captainaltcoin.com · cryptonomist.ch · www.sondakika.com · +2 more
- [● 21 SOURCES] The SEC proposed Regulation Crypto Assets in August 2026. blogtienao.com · btcwires.com · coin-turk.com · www.cryptobreaking.com · cryptonews.com.au · +16 more