The SEC has proposed Regulation Crypto Assets, a tailored securities framework meant to give crypto projects clear, legal ways to raise capital in the US, building on its March 2026 interpretive guidance.

The proposal includes two registration exemptions: a one-time offering of up to $5 million over four years with whitepaper-style disclosures, and up to $75 million per 12 months with financial statements and ongoing reporting. A conditional safe harbor would let a crypto asset fall outside the "investment contract" definition of a security once the issuer has completed or permanently ceased the essential managerial efforts it promised. The rules would also preempt state securities registration.

Chairman Paul Atkins framed it as a move to onshore innovation and step away from regulation by enforcement. It is still only a proposal, with a 60-day public comment period once it is published in the Federal Register.