SEC Targets July for Regulation Crypto Assets Proposal With $75M Annual Fundraising Cap

According to SEC Chair Paul Atkins' March 17 speech and recent SEC actions, the Commission is targeting July 2026 to publish its first crypto-specific rule proposal, Regulation Crypto Assets, which was added to the SEC's rulemaking agenda on July 7. The roughly 400-page draft has been pending at the White House Office of Information and Regulatory Affairs since March 20.

The framework proposes a new regulatory route allowing qualifying projects to raise up to $75 million annually without using a conventional registered securities offering, matching the cap under Regulation A Tier 2. A key element of the proposal is an investment contract safe harbor that would establish when a crypto asset exits federal securities laws based on whether the issuer has completed or ceased essential managerial efforts. The final details, including disclosure requirements, eligibility criteria and governance procedures, will be determined in the formal proposal released for public comment.