The SEC proposed its landmark Regulation Crypto Assets rule on August 18, 2026, introducing fundraising exemptions of up to $5 million and $75 million alongside a conditional decentralization safe harbor. Meanwhile, the SEC delayed a separate tokenized securities innovation exemption to avoid complicating a critical September 15 Senate vote on the CLARITY Act. Amid these regulatory shifts, President Donald Trump hosted top crypto executives at the White House to push for legislative progress.
SEC Regulation Crypto Assets proposal
- ▪The U.S. Securities and Exchange Commission published the Regulation Crypto Assets Notice of Proposed Rulemaking on August 18, 2026, opening a 60-day public comment period.
- ▪The SEC's Regulation Crypto Assets proposal establishes a fundraising exemption allowing eligible offerings of up to $75 million annually, subject to audited financial statements and ongoing reporting.
- ▪The SEC's Regulation Crypto Assets proposal would pre-empt state registration requirements for qualifying offerings and certain secondary trades.
- ▪The SEC's Regulation Crypto Assets proposal includes a conditional safe harbor that excludes a crypto asset from the definition of an investment contract once the issuer ceases essential managerial efforts.
- ▪The SEC's Regulation Crypto Assets proposal establishes a startup exemption allowing issuers to raise up to $5 million over a four-year period with narrative disclosures.
CLARITY Act congressional vote
- ▪The CLARITY Act passed the Senate Banking Committee with a 15-9 vote in May 2026, supported by 13 Republicans and two Democrats.
- ▪Senate Majority Leader John Thune filed a cloture motion on the CLARITY Act, setting a procedural Senate vote for September 15, 2026.
SEC innovation exemption delay
- ▪The Securities Industry and Financial Markets Association opposed the SEC's innovation exemption, arguing that broad exemptions sidestep formal rulemaking and conflict with Regulation NMS Rule 611.
- ▪The SEC postponed its planned innovation exemption for tokenized securities, which was originally scheduled for consideration at an August 14, 2026 open meeting.
- ▪Securitize President Brett Redfearn stated the SEC delayed the innovation exemption due to White House intervention to avoid complicating Senate negotiations on the CLARITY Act.
White House crypto industry engagement
- ▪Prediction market operators, including Kalshi, were excluded from the August 19, 2026 White House summit following the suspension of a federal teleprompter operator for suspicious betting.
- ▪U.S. President Donald Trump hosted cryptocurrency executives at the White House on August 19, 2026, urging Congress to pass the CLARITY Act.
- ▪The August 19, 2026 White House summit was attended by SEC Chairman Paul Atkins, CFTC Chair Mike Selig, and executives from Coinbase, Gemini, Kraken, and Robinhood.
Blockchain infrastructure investment context
- ▪A June 2026 Citi Institute forecast projected that the global tokenized-asset market will reach $5.5 trillion by 2030 in its base case, driven by public-market securities.
- ▪An Electric Capital study found that the U.S. share of global cryptocurrency developers fell 51 percent since 2015, standing at 19 percent in 2024.
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