SEC's 2026 Crypto Rules: Token Safe Harbor and Broker-Dealer Overhaul

The second item targets broker-dealer rules 15c3-1, 15c3-3, 17a-3, and 17a-4. Those govern net capital requirements, customer asset segregation, and recordkeeping for registered broker-dealers. Many DeFi platforms, interface providers, and aggregators currently operate without full broker-dealer registration. The SEC could codify the current tolerance or tighten the conditions, pushing more platforms toward registration. Full registration means maintaining minimum net capital and segregating customer assets. Most DeFi projects are not built to handle that. If the SEC tightens the screws, platforms face a choice: register or leave the U.S. market.

The broker-dealer item alone could change how dozens of platforms operate in the U.S. Rules 15c3-1 and 15c3-3 are not minor adjustments. Rule 15c3-1 requires a broker-dealer to maintain minimum net capital of $250,000 if it holds customer securities or cash. Many DeFi protocols are run by unincorporated DAOs. They cannot register as broker-dealers without first forming a legal entity. That adds time and cost. The industry has a chance to comment once the proposal is published. The timeline for that is unclear.

The third item addresses crypto trading on alternative trading systems and national securities exchanges. ATSs dealing in crypto-asset securities sit in a gray area under the Exchange Act. The SEC's proposed amendments aim to resolve whether these venues must follow traditional securities registration or get a crypto-specific track. Traditional ATS registration is a detailed process designed for equity markets. A crypto-specific path could be faster. It would also be new territory with its own unknowns.

For exchanges and trading venues, the answer matters enormously. A crypto-specific ATS track could lower barriers for new entrants. It could also create a separate regulatory framework that might not align with existing rules. The SEC has not signaled which direction it favors.

None of these proposals are final. They are on the agenda with political backing from Atkins and the White House. The gap between an agenda item and an enforceable rule is wide. Market participants are watching. They are unlikely to make structural changes until the SEC publishes concrete text. The comment periods, once proposals are published, will give the industry a chance to push back. Atkins has said he wants to move quickly. The rulemaking process typically takes 12 to 18 months from proposal to adoption.