The US SEC proposes exempting certain digital asset offerings from securities registration statements, with up to $5M for four years and up to $75M for one year

The Securities and Exchange Commission unveiled a proposal to exempt certain digital asset offerings from securities registration statements …

Bloomberg 2026-08-19

Context & Ripple Effects

The proposal follows an earlier report that Congressional crypto legislation had stalled while the SEC and CFTC moved to write rules. It also revives the SEC's previously delayed innovation-exemption agenda for crypto firms, but applies the reported relief to specified digital-asset offering sizes rather than tokenized-stock trading.

First-order effects

Digital-asset issuers whose offerings fit the proposed $5 million four-year or $75 million one-year limits would have a route to raise funds without filing securities registration statements.
The SEC shifts from its earlier effort to explicitly extend crypto oversight to exchanges and DeFi venues toward a defined offering exemption, alongside that broader proposed expansion of crypto regulatory coverage.

Second-order effects

Crypto firms planning offerings gain an incentive to structure issuance around the proposal's dollar thresholds, while offerings outside them remain subject to the existing registration framework.
The SEC and CFTC's rulemaking becomes more consequential for firms seeking clarity as legislative action remains stalled.

Third-order effects

If adopted, the exemption would make agency-designed safe harbors a central part of US crypto market access, rather than leaving the sector to broad enforcement and unresolved legislation.
The emerging structure is differentiated regulation: targeted relief for qualifying offerings alongside continued oversight of exchanges, advisers, and other crypto intermediaries.

The trend: US crypto policy is moving toward regulator-led, activity-specific rules and exemptions while comprehensive legislation remains stalled.

Discussion

@secpaulsatkins Paul Atkins on x
With our new proposal, the SEC is taking the most historic step yet to modernize federal securities regulations for crypto assets. As the Crypto Capital of the World, the U.S. must and will lead. Regulation Crypto Assets will ensure that we do. 🇺🇸
@solanalegend @solanalegend on x
A tree falls in the woods but no one cares. Today the SEC put forth a safe harbor for legal USA ICOs. This kind of headline would have sent BTC and SOL +10-15% in in 2021 The feeling of apathy is palpable. It feels like we are in the time based capitulation phase of the market.
@milesjennings Miles Jennings on x
This is a huge step forward for the crypto industry — one that provides a new path for builders of blockchain tech to raise capital and operate transparently. The window for Congress to influence crypto regulation is closing. Pass CLARITY or abdicate.
@jasonyanowitz Yano on x
Great to see the SEC move forward with Reg Crypto. @xethalis and I spent time with them recently. I continue to be very impressed by their deep knowledge of crypto. Blockworks and the SEC are aligned in our beliefs that transparency helps protect investors. And of course, I'm
@dogetoshi Steven on x
SEC doing more for crypto than Trump
@jchervinsky Jake Chervinsky on x
It's great to see the SEC move forward with Reg Crypto, which (among other things) would create exemptions for public token sales and a safe harbor from “investment contract” classification. This is a critical step toward clarity for the crypto industry and not one day too soon.
@bankinggop @bankinggop on x
Good news from Chair @SECPaulSAtkins and @SECGov today that will help bring greater clarity to digital asset markets. While a good first step, this proposal is no substitute for durable law. Congress must finish the job and pass the Clarity Act.
@secpaulsatkins Paul Atkins on x
As Congress works to establish a lasting regulatory framework, our new proposal, Regulation Crypto Assets, seeks to provide crypto asset entrepreneurs and market participants with clear pathways to raise capital under the federal securities laws.
@faryarshirzad Faryar Shirzad on x
A giant step forward today with @SECGov's launch of “Reg Crypto.” For years, crypto builders were told to “come in and register.” The problem was that there was no door designed for how crypto networks actually develop. Thanks to @SECPaulSAtkins Reg Crypto starts to build one.
@secgov @secgov on x
🚨 TODAY: The SEC proposed new rules, “Regulation Crypto Assets,” that would create a clear and fit-for-purpose framework for certain investment contracts involving crypto assets. [image]
@berniemoreno Bernie Moreno on x
This is a huge and important step in cementing America as the innovation leader and ensuring this technology develops with a US regulatory framework. On September 15th, the US Senate must do its part and proceed to consideration of the Clarity Act!
@brian_armstrong Brian Armstrong on x
Kudos to @SECPaulSAtkins and @SECgov for taking a long-awaited step toward modernizing our financial system for the 21st century with progress on token taxonomy. We've been calling for clear crypto rules for years and this is exactly what's needed to keep innovation in America.
@mollyisonchain Molly Abraham on x
Words can't totally describe the surreal feeling of supporting a single company through a period where we petitioned for rules (and were ignored), received a Wells notice and got sued by the SEC, only to see the SEC now deliver 402(!) pages of Reg Crypto. Have never been so
@rvangrack Ryan VanGrack on x
For years, good-faith efforts to engage @SECGov were met with subpoenas instead of solutions - forcing @coinbase to sue to compel basic regulatory clarity. Today, that era officially ends. Kudos to @SECPaulSAtkins for ending regulation by enforcement and delivering what we've
Drew Hinkes Drew Hinkes on linkedin
And there it is. The SEC proposes Reg Crypto Assets, a regulation that would simplify crypto asset related fundraising in the U.S. …
Taylor Lindman Taylor Lindman on linkedin
Today, the Commission announced that it proposed new rules, titled “Regulation Crypto Assets,” that would create a clear and fit-for-purpose framework …
r/CryptoCurrency r on reddit
SEC Proposes New Regulation Crypto Assets

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