SEC Proposes Framework to Draw Crypto Trading Onshore

The agency floated three rule proposals Thursday that would give crypto assets a formal home inside U.S. securities law for the first time.

The SEC's 2026 Regulatory Agenda includes a proposed rule called simply "Crypto Assets," which would set exemptions and safe harbors for token offerings. A second rule, addressing broker-dealer financial responsibility and recordkeeping, would spell out how existing Wall Street rules apply to crypto holdings. A third, "Crypto Market Structure Amendments," would let alternative trading systems and national exchanges list and trade crypto assets under Exchange Act rules.

"To deliver on President Trump's goal to ensure that the United States is the crypto capital of the world, we are creating clear rules of the road for capital raising with crypto assets," SEC Chairman Paul S. Atkins said in a statement. "All while ensuring strong investor protection guardrails are in place and continuing to pursue bad actors who violate the law."

The rulemaking draws its authority from the Securities Act of 1933. It is focused on fundraising exemptions and startup token sales, not the secondary market for Bitcoin or Ether. The agency said the package is designed to provide clarity on issuance, custody, and onchain trading of tokenized securities.

Atkins has argued the SEC must go beyond enforcement to provide a workable framework. He told lawmakers in May that he continues to encourage Congress to pass the CLARITY Act, which would codify which digital assets count as securities.

Reuters reported in April that the SEC was preparing a "regulation crypto" rulemaking. The formal agenda confirms that work is moving forward.

A comment period will follow each proposal's publication in the Federal Register. Industry lawyers expect a minimum 60-day window for public input.