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SEC Regulation Crypto Assets creates first securities framework for tokens
SEC's 401-page Regulation Crypto Assets proposal offers startup and fundraising exemptions plus a decentralization safe harbor for token issuers. Comment period open until Oct 20.
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The Securities and Exchange Commission on August 18, 2026, published Regulation Crypto Assets, a 401-page proposal that creates the first securities framework designed for crypto asset investment contracts. The rule introduces a startup exemption that lets early-stage projects raise up to $5 million over four years. A fundraising exemption permits annual raises of up to $75 million with required financial statements and reporting standards.
A safe harbor provision addresses what the proposal calls the "Hotel California" problem. Projects that hit certain decentralization thresholds could be exempt from ongoing securities classification.