The US Securities and Exchange Commission (SEC) has announced a series of proposed rule changes for crypto assets as part of its 2026 agenda. SEC Chair Paul Atkins stated that these steps are intended to provide a clearer regulatory framework for crypto assets and offer greater legal certainty to the market.
Three pillars shape the new regulation plan
The drafts published by the SEC focus on three main areas. The regulator is now addressing crypto broker-dealers, alternative trading systems, trading of digital assets on national securities exchanges, as well as new exemptions and safe harbor rules for digital assets. The agenda was prepared in alignment with policies from the US President Donald Trump administration regarding crypto assets.
Atkins emphasized the need for clarity in the processes of capital raising using tokenized securities and digital assets. The SEC believes one of the proposed drafts on crypto asset issuance and sales could provide greater legal certainty to the market, support capital formation, and open doors for further innovation. The agency has also underlined the priority of ensuring investors are adequately protected and have access to necessary information.
The SEC indicated that new rules for the issuance and sale of crypto assets could bring much-needed clarity, simplify capital formation, foster innovation, and at the same time enhance investor protection.
Congressional bill could shift oversight
These regulatory preparations come as the US Congress debates a bill that could reshape oversight of the crypto market. If the proposed bill passes, a significant portion of industry supervision and enforcement powers may move from the SEC to the Commodity Futures Trading Commission (CFTC).
Atkins had previously remarked in March that the SEC would develop crypto regulations through an internal transition mechanism to clarify policy. However, he also acknowledged that if Congress enacts new legislation, the legislature’s choice will ultimately determine the final regulatory structure.
Criticism and political debate intensify
The SEC’s approach under the Trump administration has faced fierce criticism from some quarters. Earlier this year, Democratic lawmakers sent a letter alleging that certain individuals with ties to crypto companies previously targeted by enforcement actions or regulatory scrutiny had profited financially. The letter referenced major industry players including Binance, Coinbase, Ripple Labs and Kraken.
Three Democratic members of Congress argued that, despite federal court rulings designating some tokens as securities, SEC Chair Paul Atkins’s declarations that most crypto tokens are not securities have created enforcement gaps and left US investors at risk.
Lawmakers contend that the lack of consequences for market participants accused of violating securities laws has led to gaps in enforcement. These criticisms have deepened political debates in Washington regarding the broader implications of the SEC’s flexible stance toward the crypto sector.
Trump acknowledges political dimension of crypto
On Monday, Donald Trump acknowledged in response to reporters that his interest in crypto is, at least in part, politically motivated. After having labeled Bitcoin a scam following his first term in office and keeping his distance from cryptocurrencies, Trump has recently began reaching out to industry representatives and publicly advocating for this technology as the 2024 election approaches.
The SEC remains the primary federal watchdog overseeing the US capital markets. Yet, debates over which crypto products qualify as securities and which authority should police the space have become some of the most contentious topics in the Washington regulatory landscape in recent years.
