Regulation Crypto Assets

What it does

The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."

The Securities and Exchange Commission's summary, as published in the Federal Register.

What it would change

6 parts of Title 17 of the Code of Federal Regulations:

17 CFR 200, 17 CFR 201, 17 CFR 228, 17 CFR 230, 17 CFR 232, 17 CFR 239

Wording on eCFR: the day before it took effect and from the day it took effect (first part listed).

Before this

No earlier Federal Register document under regulation identifier 3235-AN38 since Jan. 1, 2025.

What happens next and when

This release was published in the Federal Register on August 21, 2026. Comments should be received on or before October 20, 2026.

The agency's dates, word for word.

Check it yourself

• The document in the Federal Register
• Title 17 on eCFR

The record as published

Source: the Federal Register (public domain). The document in the Federal Register