The U.S. Securities and Exchange Commission is preparing to propose sweeping crypto rule changes as soon as this month, setting up the agency’s first major crypto-specific rulemaking push under Chair Paul Atkins.
The proposals are expected to cover a broad range of market participants, including crypto startups, token issuers, exchanges, alternative trading systems and broker-dealers. The SEC’s updated 2026 regulatory agenda places digital assets high on the agency’s near-term priorities, with rulemakings aimed at crypto fundraising, tokenized securities, crypto broker-dealers and the treatment of digital assets on trading platforms.
The most closely watched proposal is “Regulation Crypto,” which is scheduled for July and remains under review at the White House Office of Information and Regulatory Affairs. According to reporting on the agenda, the rule would establish temporary exemptions from registration for developers issuing crypto investment contracts, allow certain fundraising activity and create a safe harbor for issuers that are moving away from managerial control over a digital asset.
The initiative follows Atkins’ earlier comments about creating a more flexible regulatory bridge for crypto firms. It also builds on SEC guidance that introduced a digital asset taxonomy and clarified how federal securities laws may apply to different categories of crypto assets.
Startups May Get Fundraising Relief
For crypto startups, the proposed framework could mark a major shift from the SEC’s previous enforcement-heavy approach. Under former Chair Gary Gensler, the agency pursued a series of high-profile cases against token issuers and trading platforms, often arguing that crypto fundraising and secondary-market activity violated existing securities laws.
The new agenda points toward a different model: one that creates defined exemptions, transition periods and disclosure expectations rather than forcing early-stage projects to choose between full securities registration and regulatory uncertainty. That could make it easier for developers to raise capital, distribute tokens and decentralize networks while staying inside a formal compliance framework.
The market impact would depend heavily on the final rule text. A broad safe harbor could encourage more crypto projects to launch or relocate in the United States, reversing years of complaints that unclear rules pushed founders offshore. A narrow rule, by contrast, may offer limited relief if projects still face difficult registration triggers, issuer obligations or restrictions on secondary trading.
The proposal also comes as Congress continues to debate the CLARITY Act, a broader crypto market structure bill that would clarify the roles of the SEC and Commodity Futures Trading Commission. If Congress fails to move quickly, SEC rulemaking could become the main near-term path for U.S. crypto regulatory clarity.
Exchanges and Broker-Dealers Face New Frameworks
The SEC’s agenda also includes proposed rules addressing crypto broker-dealers, digital assets on alternative trading systems and national securities exchanges. Those rulemakings could shape how tokenized securities and crypto assets are traded, custodied and intermediated inside the regulated securities market.
Atkins has said the SEC wants to bring more products onshore, create clear rules for capital raising with crypto assets and clarify how market participants can custody and facilitate trading of tokenized securities on-chain. That language suggests the agency is trying to accommodate blockchain-based market infrastructure while preserving investor-protection guardrails.
For exchanges and broker-dealers, the stakes are significant. Clearer rules could allow registered firms to support tokenized securities, digital asset custody and blockchain-based settlement with less legal uncertainty. It could also open the door for traditional financial institutions to compete more directly with crypto-native platforms.
The regulatory trade-off is that new rules may impose compliance costs, disclosure obligations and operational controls that smaller firms struggle to meet. Broker-dealers may need clearer custody standards, cybersecurity controls, capital treatment and customer-protection procedures before handling tokenized assets at scale.
The proposals also carry political risk. Democrats have criticized the SEC’s pro-crypto shift under Atkins and argued that the agency has retreated too far from enforcement. Supporters say formal rules are necessary because staff guidance and case-by-case enforcement cannot provide durable market structure.
The coming rule proposals are therefore likely to become a defining test of the SEC’s crypto reset. If adopted, they could move U.S. digital asset regulation from courtroom battles toward structured rulemaking. But the details will determine whether the framework gives startups and intermediaries genuine clarity or simply creates a new layer of compliance complexity.
