The SEC placed Paul Atkins’ core crypto regulation plan on a July track, setting up his first major rulemaking test. The proposal could change how crypto firms raise capital, trade assets, and handle tokenized securities under federal rules. It also gives the industry a clearer timeline after months of guidance, political pressure, delayed legislation, and market demands.
Paul Atkins moves crypto regulation into formal rulemaking
The updated SEC agenda lists “Regulation Crypto” as a July item, though White House review still continues before publication. Atkins first described the plan in March, and he said the agency would move in the coming weeks. Now, the agenda gives crypto regulation a formal place in the rulemaking calendar after several staff statements.
The proposal would create temporary registration exemptions for developers who launch crypto investment contracts during early project stages. It would also allow limited fundraising under defined conditions and offer safe harbor options for certain issuers. These measures would support issuers that reduce managerial control over a security and seek clearer treatment.
Atkins framed the effort as part of a wider policy shift under President Donald Trump and his administration.
“We are embracing innovation to bring more products onshore,” Atkins said in a Tuesday statement.
He also said the SEC wants clear rules for capital raising, custody, and tokenized securities onchain.
The SEC has issued several statements this year, yet staff views do not equal binding rules. Formal crypto regulation would give firms a clearer process and a more durable framework. That difference makes the July track important for companies that want predictable agency treatment.
SEC agenda targets crypto assets, broker-dealers, and custody
The agency listed rule changes for crypto assets, crypto broker-dealers, and market structure in its 2026 agenda. Under the crypto asset item, officials may recommend rules for offers and sales across several market activities. The SEC said those rules could include exemptions and safe harbors for market participants seeking legal certainty.
That track gives crypto regulation more legal weight than staff statements or informal guidance. Future SEC leaders can change guidance quickly, but formal rules need a longer process and public comments. Therefore, the July proposal could shape crypto regulation beyond the current leadership and future enforcement cycles.
The agenda also covers broker-dealer financial responsibility rules tied to crypto assets and related custody issues. SEC staff may recommend changes to Rules 15c3-1 and 15c3-3 for crypto-related business models. They may also address books, records, custody, capital, and related compliance duties for firms that handle digital assets.
The Commission has also reviewed how some DeFi platforms fit broker-dealer rules. That work may influence how officials define intermediaries, software providers, and trading venues. However, any final rule would still need approval after public review.
Market structure plan links exchanges and tokenized securities
The SEC also placed crypto market structure amendments on the agenda as part of wider crypto regulation work. The Division may recommend changes to Exchange Act rules for ATSs and national securities exchanges. Those changes could define how regulated venues handle trading in crypto assets and support broader crypto regulation goals.
The agency also continues work on tokenized securities and tokenized U.S. stocks. Atkins said the SEC wants clarity on custody and onchain trading for tokenized securities. This part links crypto regulation with traditional market rules, exchange oversight, and new settlement models.
The agenda arrives as Congress struggles to advance a crypto market structure bill. Because of that delay, the SEC now holds a central role in near-term policy and market oversight. If the Commission advances the July item, crypto regulation would enter a new rulemaking phase.
Trump has said he supports the crypto industry, and Atkins has tied SEC policy to that goal. The administration wants more digital asset activity to move into the United States. Therefore, the July agenda item now carries regulatory, market, and political weight.
