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SEC proposal (Aug. 2026) for a tailored offering regime that exempts certain crypto-asset investment contracts from full registration.
Either Paul Atkins or Mark Uyeda can now act alone as the SEC's quorum under a rule effective Oct. 2, but only on matters where the other is disqualified. Decisions on the pending crypto custody and offering proposals therefore sit with a Commission of two people.
Reality
CFTC on Oct. 5 opened a consultation on an optional federal registration for crypto venues offering retail leverage, with 60 days for comments. Chairman Michael Selig also proposed a 28-day wallet-delivery test that would generally exempt those trades from registered-exchange trading rules.
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SEC staff said on September 25 that token buybacks on functioning networks and staking receipts that only record ownership do not create investment contracts. Because they are staff views, live networks can plan repurchases around them while a future SEC or a private plaintiff could still contest them.
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Regulation Crypto Assets borrows the JOBS Act structure for digital assets and preempts state registration, including on secondary trades. The preemption is the part that changes deal papering.
Perspective Coverage
7 publishersReality
Regulation Crypto Assets, proposed August 18, would exempt raises of up to $75m a year from registration and preempt state law. Its safe harbor asks issuers to certify that the managerial work they promised investors has permanently ceased.
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Brian Belley of Kingscrowd and the CfPA wants the Reg CF ceiling at $20 million and Reg A Tier 2 at $150 million, and he rests the case on the issuers who showed up after the cap moved from $1.07 million to $5 million.
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Repeat 12-month raises are permitted, and each buys a fresh offering statement plus years of reports. The SEC's own estimate is roughly 130 offerings a year.
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Regulation Crypto Assets gives token issuers offering exemptions they can budget against. The decentralization off-ramp that matters more is still specified in conditionals.
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The SEC proposed exempt-offering caps, the CFTC threatened to write its own regime, and Trump asked for a Clarity Act he can sign. The US rulebook gets drafted either way.
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More than $3 billion of short liquidations did the heavy lifting, with a $517 million ETF day alongside it. That fuel is spent, so the next leg has to be bought.
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Regulation Crypto Assets pairs two offering exemptions with a way out of the investment-contract test. The White House lunch the next day was the political weather, not the rule.
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The SEC killed its Regulation Crypto Assets meeting three days after calling it. Sources point to the White House, and to SIFMA weighing a challenge to the agency's authority.
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