The SEC’s official comment window for its Regulation Crypto Assets proposal closed on October 20, 2026, but the agency will continue accepting feedback. The proposal, filed under File No. S7-2026-27, had attracted approximately 140 submissions from industry groups and individuals by the deadline. It creates two main exemptions: a startup exemption for raises up to $5 million over four years and a fundraising exemption for amounts up to $75 million over 12 months. Major commenters including the Hyperliquid Policy Center, SIFMA and Anthony Scaramucci flagged concerns about how the rule treats airdrops and the scope of the proposed safe harbor. Without supporting legislation like the stalled CLARITY Act, the durability of this regulatory framework remains uncertain.
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