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ARTICLE · 20 AUGUST 2026

SEC Proposes Regulation Crypto Assets

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The SEC has proposed Regulation Crypto Assets, establishing a federal framework for offering crypto asset securities with three distinct pathways: a startup exemption allowing up to $5 million over four years, a fundraising exemption modeled on Regulation A with two tiers, and a safe harbor mechanism enabling crypto assets to separate from investment contract status once managerial promises are fulfilled. The proposal introduces comprehensive disclosure requirements and preempts state registration for cover

United StatesCorporate/Commercial Law
Marlon Paz
Marlon Paz
Alan Cohn
Alan Cohn
Neel K. Chopra
Neel K. Chopra
Maahi Saini
Maahi Saini
  • A US regulatory framework for offering crypto asset securities, disclosure, and a path out of "security" status. | "There is no spoon."1
  • Regulation Crypto Assets would create a capital-formation framework for certain investment contracts involving crypto assets; it is not a token-classification rule.
  • The proposal would allow a non-security crypto asset to be distributed through a regulated investment contract and later separate from that contract once the issuer's disclosed managerial promises end.
  • Reflecting the difficulty inherent in the analysis, and the complicated history, important questions remain.

Background

On August 18, 2026, the Securities and Exchange Commission proposed Regulation Crypto Assets (Proposing Release),2 a new federal framework for offers and sales of "covered investment contracts"3involving crypto assets. The Proposing Release follows the SEC's March 2026 interpretation4distinguishing a crypto asset from the contract, transaction, or scheme through

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