SEC Eyes Sweeping Crypto Rule Overhaul Covering Tokens, Trading, and Broker-Dealers

The SEC has placed three crypto rulemaking projects on its 2026 regulatory agenda, covering the sale of digital assets, broker-dealer requirements, and the venues where crypto trades. The proposals aim to set clearer terms for how tokens are issued, custodied and traded in the US. Each remains under consideration, and none has been drafted into a final rule.

The first project targets crypto assets directly. The SEC would explore rules for the offer and sale of digital assets, including potential registration exemptions and safe harbors for issuers worried about running afoul of securities law. 

A safe harbor would give token projects a defined path to raise money and operate while they build, an area where the agency has relied on enforcement instead of written rules.

Related: Bitcoin ETFs Snap 10-Day Bleeding Streak With Biggest Inflow in Two Months

Broker-Dealers and Trading Venues

The second project covers broker-dealers. The SEC is weighing amendments to its financial responsibility, recordkeeping and reporting rules, including Rules 15c3-1 and 15c3-3, to spell out how those requirements apply to firms that hold crypto for clients. 

The third project addresses market structure, with the agency considering changes to the rules governing crypto trading on alternative trading systems and national securities exchanges.

Together, the three projects would rewrite large parts of how US securities law treats digital assets, from the moment a token is sold to the venue where it later trades. All three sit at the proposal stage, and each would go through the SEC’s normal process of drafting, public comment and a final vote before taking effect.

The agenda reflects a shift in tone at the agency. SEC Chair Paul Atkins said the commission is “embracing innovation by bringing more financial products onshore, creating clearer capital-raising rules for crypto businesses, and providing regulatory clarity for tokenised securities.” 

Atkins has separately floated a time-limited startup exemption that would let early token projects raise capital under lighter requirements for a set period. The proposals now on the agenda turn that stated direction into specific rulemaking, though the details will not be settled until the SEC publishes and votes on each one.

Under the previous chair, the SEC brought enforcement cases against crypto exchanges and token issuers, and industry groups said the agency was setting policy through litigation instead of written rules. Atkins has said he wants the commission to write rules that state in advance what is permitted. 

Related: Aave Launches on Monad with 12 Assets, Backed by $15 Million in Incentives