SEC unveils sweeping crypto regulatory proposal

The U.S. Securities and Exchange Commission (SEC) updated its 2026 regulatory agenda on July 7, placing a new "Regulation Crypto" rule at the top of its list and targeting a rollout later this month. The draft would create three statutory exemptions: a startup exemption allowing token issuers in their first four years to raise up to $5 million, a fundraising exemption permitting qualified issuers to raise up to $75 million, and a safe‑harbor provision that would let tokens be declared no longer an investment contract once early‑stage activities end.

In addition, the agenda proposes tighter requirements for exchanges and brokers, including stricter custody rules for client funds, higher liquidity standards and expanded documentation duties. The SEC, under chairman Paul Atkins, highlighted Ethereum and Solana as particularly exposed to tokenized real‑world assets.

If adopted, the rules would be the first comprehensive U.S. framework specifically tailored to digital assets, potentially reshaping how startups, investors and trading platforms operate in the cryptocurrency market.