SEC 2026 Agenda: Safe Harbor and Custody Rules for Crypto

The SEC published a 2026 regulatory agenda that moves digital assets from enforcement to rulemaking. The agency plans to open a safe harbor proposal for public comment, aiming for clear custody and trading guidelines along with token-issuance rules. This replaces years of case-by-case enforcement actions with a formal process.

A safe harbor grants token projects a time-limited exemption from securities registration while they develop toward a decentralized network. The SEC's version, still in draft, is expected to include disclosure requirements and a path to full registration or exemption. Custody rules matter more in the near term. Institutional allocators cite unclear custodial standards as the top blocker to larger positions, according to surveys cited in the agenda. A formal custody rule would replace the staff-accounting bulletin framework that several crypto lenders and custodians have called unworkable for digital assets.

The agenda's supporting data shows 73% of institutions plan to increase crypto allocations, up from 55% in 2023. 66% already access the market through regulated ETFs and ETPs. Bitcoin and Ethereum ETFs accounted for the bulk of the $65 billion in crypto ETF assets. Yet allocations remain below 0.5% of advised wealth, suggesting institutions are testing infrastructure. A clear safe harbor and custody rule could narrow that gap over the 18- to 24-month rulemaking cycle, the agenda noted.