SEC proposes Regulation Crypto Assets with a $5 million startup and $75 million fundraising exemption

The SEC proposed Regulation Crypto Assets on August 18, 2026, under Chair Paul Atkins, setting out two Securities Act registration exemptions for token offerings. A startup track would allow up to $5 million over four years, and a larger track up to $75 million in each 12-month period with more disclosure. The proposal also includes a safe harbor for when a crypto asset stops being an investment contract and has a 60-day comment period.

• Startup exemption: up to $5 million over a four-year period
• Fundraising exemption: up to $75 million in each one-year period
• Larger track requires financial statements and ongoing reporting
• Safe harbor for crypto assets once essential managerial efforts end
• 60-day public comment period