SEC Puts Crypto Rule on July Agenda

The regulator is working on Regulation Crypto, with exemptions for developers and more clarity around tokenized securities and custody.

Key Takeaways

• The SEC plans to put forward Regulation Crypto this month, a new rule that could ease existing securities requirements for crypto firms in several important areas.
• The framework is expected to include temporary exemptions, more room for fundraising, and a safe harbor for issuers that stop actively managing a security.
• The agenda also points to ongoing work on custody, crypto market structure, and tokenized securities inside the U.S. oversight framework.

The U.S. SEC is preparing to propose a new crypto rule this month that could ease existing securities requirements for crypto companies in several key areas. The proposal, called Regulation Crypto, appears on the agency’s updated agenda and could be one of the first major crypto-focused steps under Chair Paul Atkins.

What Regulation Crypto Means

The agenda says the rule would offer temporary registration exemptions for developers bringing crypto investment contracts to market for the first time. It would also leave room for a limited amount of fundraising and create a safe harbor for issuers that no longer actively manage a security. Atkins had already sketched out those ideas in March.

Earlier this year, the SEC also released an initial taxonomy aimed at making digital asset definitions and treatment clearer for regulatory and jurisdictional purposes. As part of that broader effort, the agency is also developing an approach to tokenized securities, where the line between traditional securities and onchain products is becoming increasingly important.

Why This Matters Now

For European crypto watchers, the main takeaway is that the SEC may be moving beyond informal guidance and toward an actual rule. That matters because a formal rule gives the market more certainty than staff-level statements, and it is harder for future leadership to unwind. The agenda also shows that the U.S. regulator is working on custody and crypto market structure at the same time, which could bring more clarity in the months ahead on how the market is organized in the U.S.

The Bigger Regulatory Picture

The timing is notable because the crypto market structure bill in Congress is still stalled. At the same time, the SEC remains one of the industry’s most important sources of regulatory direction, especially as it looks for consistency across the rest of the oversight framework. In the SEC’s broader view, only digital securities fit naturally under securities law, while commodities, digital collectibles, digital tools, and stablecoins are treated differently within that system.

Atkins said Tuesday that the U.S. should become the crypto capital of the world and that the SEC wants to back innovation by bringing more products onshore. He also highlighted the need for clearer rules on how market participants can hold and trade tokenized securities onchain. The SEC Crypto Task Force, created in January 2025, is helping shape a clearer framework for digital assets, including token status and standards for crypto exchange-traded products.

The gridlock around the Clarity Act makes the SEC’s push easier to understand: as long as Congress does not finish a broad market structure framework, the regulator remains one of the few bodies that can quickly give the sector direction.