The SEC added three crypto rulemaking projects to its 2026 regulatory agenda, covering the sale of digital assets, broker-dealer requirements, and crypto trading venues. The proposals aim to establish clearer terms for how tokens are issued, custodied, and traded in the US, addressing an area where the agency previously relied on enforcement actions rather than written rules. SEC Chair Paul Atkins stated the commission is "embracing innovation by bringing more financial products onshore, creating clearer capital-raising rules for crypto businesses, and providing regulatory clarity for tokenised securities," signaling a shift toward rule-based regulation. Each project remains under consideration at the proposal stage, and none has been drafted into a final rule. The agenda represents a departure from the previous administration's enforcement-focused approach to crypto regulation.
SEC Proposes Digital Asset Registration Exemptions and Safe Harbors
The first rulemaking project targets crypto assets directly. The SEC would explore rules for the offer and sale of digital assets, including potential registration exemptions and safe harbors for issuers concerned about securities law compliance. A safe harbor would provide token projects a defined path to raise capital and operate while they build, an area where the agency has historically relied on enforcement rather than written rules. The proposal remains at the consideration stage and has not been drafted into final regulatory text.
SEC Weighs Broker-Dealer and Trading Venue Rule Amendments
The second project covers broker-dealers, with the SEC weighing amendments to its financial responsibility, recordkeeping, and reporting rules, including Rules 15c3-1 and 15c3-3. These amendments would specify how existing requirements apply to firms that hold crypto assets for clients. The third project addresses market structure, with the agency considering changes to rules governing crypto trading on alternative trading systems and national securities exchanges. Together, the three projects would rewrite substantial portions of how US securities law treats digital assets, from initial token sales to secondary market trading. All three sit at the proposal stage and would undergo the SEC's standard process of drafting, public comment, and final vote before implementation.
SEC Shifts from Enforcement to Written Rulemaking Under Atkins
The regulatory agenda reflects a change in approach at the SEC. Under the previous chair, the agency brought enforcement cases against crypto exchanges and token issuers, with industry groups stating the SEC was setting policy through litigation instead of written rules. Atkins stated he wants the commission to write rules that specify in advance what is permitted. Atkins has separately floated a time-limited startup exemption that would allow early-stage token projects to raise capital under lighter requirements for a set period. The proposals now on the agenda translate that stated direction into specific rulemaking initiatives, though details will not be finalized until the SEC publishes and votes on each proposal.
FAQ
What did the SEC add to its 2026 regulatory agenda?
The SEC added three crypto rulemaking projects to its 2026 regulatory agenda, covering the sale of digital assets (including registration exemptions and safe harbors), broker-dealer requirements (amendments to Rules 15c3-1 and 15c3-3 for firms holding crypto), and market structure rules for crypto trading on alternative trading systems and national securities exchanges. All three projects remain at the proposal stage.
Why is the SEC proposing new crypto rules?
The SEC is proposing new crypto rules to establish clearer terms for how tokens are issued, custodied, and traded in the US. SEC Chair Paul Atkins stated the commission is "embracing innovation by bringing more financial products onshore, creating clearer capital-raising rules for crypto businesses, and providing regulatory clarity for tokenised securities." The move represents a shift from the previous administration's enforcement-focused approach to a rule-based regulatory framework.
What is the SEC's safe harbor proposal for digital assets?
The SEC's safe harbor proposal would provide token projects a defined path to raise capital and operate while they build, addressing an area where the agency has historically relied on enforcement actions rather than written rules. Atkins has separately floated a time-limited startup exemption that would allow early-stage token projects to raise capital under lighter requirements for a set period. The safe harbor details will not be finalized until the SEC publishes and votes on the proposal.
