The U.S. Securities and Exchange Commission released its 2026 Regulatory Agenda on Tuesday, proposing amendments to broker-dealer rules and exchange regulations specifically addressing crypto assets. The agenda includes modifications to capital requirements, customer asset protection standards, and recordkeeping obligations for firms handling crypto. The proposals aim to clarify the regulatory framework for crypto asset issuance, custody, and trading, according to the agency. This initiative reflects SEC Chair Paul Atkins' approach over the past year, which has emphasized rule-based clarity over enforcement actions. The shift marks a departure from former Chair Gary Gensler's tenure, during which the agency pursued multiple enforcement cases against crypto firms that have since been dropped.
SEC Proposes Three Rule Amendments for Crypto Broker-Dealers
The SEC is considering amendments to three broker-dealer rules to address crypto asset applications. The first proposed change would modify requirements for brokers to maintain a minimum amount of liquid capital. The second amendment targets rules designed to protect customer assets if a broker becomes insolvent. The third focuses on recordkeeping rules for broker-dealers. The agency stated these modifications are necessary to help clarify the regulatory framework for crypto assets and provide greater certainty to the market.
The SEC is also considering proposing new changes to its exchange rules. The agency said the proposal is necessary to provide clear rules for the issuance, custody, and trading of crypto assets while continuing to discourage bad actors from violating the law. On Monday, the SEC stated the proposed rules may provide greater certainty to the market, facilitate capital formation, and accommodate innovation within crypto asset markets while ensuring investors are adequately protected.
Paul Atkins Shifts SEC Approach from Enforcement to Rulemaking
Over the past year since SEC Chair Paul Atkins took the helm, the agency has taken a friendlier approach to crypto and has taken an overarching stance that clearer rules are needed for crypto, including through more tailored rules and exemptions. This shift represents a significant departure from the tenure of former SEC Chair Gary Gensler, during which the agency took a more cautious stance toward crypto and pursued enforcement actions against several major crypto firms.
Gensler maintained that many cryptocurrencies qualified as securities. His approach drew criticism from industry participants and some lawmakers, who argued that the SEC relied too heavily on regulation through enforcement. Many of those enforcement cases have since been dropped. One of Atkins' proposed changes to crypto rulemaking reflected in the new regulatory agenda includes rules that would clarify the agency's regulatory stance when it comes to selling crypto and could include safe harbors and exemptions.
SEC and CFTC Released Joint Guidance in March
In March, the SEC joined its sister agency at the Commodity Futures Trading Commission in releasing guidance that asserted that most cryptocurrencies are not securities. The guidance also included the agencies' thinking on when a digital asset would no longer be a security. This joint statement represented a significant policy clarification from the two primary U.S. regulators overseeing crypto markets.
FAQ
What did the SEC release on Tuesday?
The SEC released its 2026 Regulatory Agenda on Tuesday, which includes proposed changes to broker-dealer capital requirements, customer asset protection rules, and recordkeeping standards specifically for crypto assets. The agenda also includes consideration of new exchange rule changes for crypto.
How does Paul Atkins' SEC approach differ from Gary Gensler's?
Paul Atkins has taken a friendlier approach to crypto over the past year, emphasizing clearer rules through tailored regulations and exemptions. Gary Gensler's tenure was characterized by a more cautious stance, with enforcement actions against major crypto firms and the position that many cryptocurrencies qualified as securities. Many of Gensler's enforcement cases have since been dropped.
What did the SEC and CFTC guidance state in March?
In March, the SEC and CFTC released joint guidance asserting that most cryptocurrencies are not securities. The guidance also included the agencies' analysis on when a digital asset would no longer be considered a security.
