Overview
- The SEC plans to publish a formal rule package called Regulation Crypto as soon as July 2026, with the proposal to enter White House OIRA review and then a public-comment period.
- The package is expected to create time-limited exemptions and safe harbors for some token offerings and on-chain activity while setting rules for broker-dealers, trading platforms, custody, and market structure.
- Chair Paul Atkins has framed the effort as a way to bring crypto products and capital onshore and previously outlined possible safe-harbor limits such as startups under $5 million in their first four years and fundraising caps near $75 million.
- Passage of the separate Clarity Act in Congress remains uncertain and industry observers say failure to clear the Senate by August would likely keep Congress from acting before the November midterms, raising pressure on the SEC to act first.
- The proposal has drawn partisan criticism from Democratic lawmakers who say recent enforcement choices have weakened investor protections and raised questions about how the rules will balance market growth with safeguards for retail investors.