The SEC voted to propose the regulatory framework « Regulation Crypto Assets » at its open meeting on August 14, 2026, launching a 60-day public comment period that could reshape how crypto projects raise capital in the US. The proposal introduces two key exemptions: projects can raise up to $5 million over four years without full SEC registration, or up to $75 million in any 12 months with additional disclosure requirements. It also establishes a safe harbor provision defining when a crypto asset is no longer subject to federal securities laws, triggered when an issuer’s « fundamental managerial efforts » have concluded. This initiative follows a joint SEC-CFTC interpretive release in March 2026 that classified most crypto assets as non-securities, marking a shift from the previous commission’s enforcement-first approach under Gary Gensler. The framework could however be reversed or modified by a future commission, as agency rules lack the durability of legislation passed by Congress.
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