CoinDesk
The U.S. Securities and Exchange Commission said Tuesday it expects to publish its first major crypto-specific rule as soon as July, a proposal dubbed "Regulation Crypto" that would exempt a range of crypto fundraising and development activities from securities registration. The item appears on the agency's updated agenda ahead of a wave of other consequential crypto rules, including ones governing asset custody and market structure.
The framework, first outlined by SEC Chairman Paul Atkins in March, would create temporary exemptions from registration for developers first pushing crypto investment contracts, would allow a defined amount of fundraising, and would set up a safe harbor for issuers winding down managerial efforts over a security. "To deliver on President Trump's goal to ensure that the United States is the crypto capital of the world, we are embracing innovation to bring more products onshore, creating clear rules of the road for capital raising with crypto assets, and providing clarity as to how market participants can custody and facilitate trading of tokenized securities onchain," Atkins said in a Tuesday statement, citing the crypto agenda before any other rulemaking effort.
Why it matters
The proposal is the first crypto-specific rulemaking pursued under Atkins' leadership and would carry the weight of a full SEC rule rather than the staff guidance and statements the agency has leaned on to date. Rules bind future Commissions; guidance does not. With market structure legislation stalled in Congress, the SEC has become the industry's clearest near-term path to legal clarity for token issuers, custodians, and onchain securities desks. The proposal is still under review at the White House Office of Information and Regulatory Affairs, which has the power to delay or reshape it before publication.
Market impact
The agenda also lists parallel work on custody rules and a framework for tokenized securities, all of which sit at the foundation of U.S. institutional crypto plumbing.
Frequently asked questions
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What is the SEC's "Regulation Crypto" proposal?
It is a forthcoming SEC rulemaking, expected to be published as soon as July, that would create temporary exemptions from securities registration for crypto developers first pushing investment contracts, allow a defined amount of fundraising, and set up a safe harbor for issuers stepping back from managerial duties…
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Who is Paul Atkins and what is his role in this rule?
Paul Atkins is the current SEC Chairman. He first outlined the Regulation Crypto framework in mid-March, and Tuesday's agenda update places the proposal at the top of the agency's near-term rulemaking priorities under his leadership.
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Why is a full SEC rule more significant than staff guidance?
A full Commission rule carries binding regulatory weight and cannot be easily reversed by a future chair. Staff statements and guidance can be withdrawn or reinterpreted by the next administration, which is why the industry has pushed for a formal rule rather than informal positions.
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Could the White House delay or change the proposal?
Yes. The Regulation Crypto proposal is still under review at the White House Office of Information and Regulatory Affairs, which has the authority to delay publication, request changes, or shape the rule before it is formally proposed by the SEC.
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What other crypto rules are on the SEC's updated agenda?
Alongside Regulation Crypto, the updated agenda includes work on asset custody rules and a framework for tokenized securities, both of which are foundational pieces of U.S. institutional crypto infrastructure.
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