The Securities and Exchange Commission proposed Regulation Crypto Assets on August 18, 2026, creating the first purpose-built framework for crypto asset offerings under federal securities law. The proposal introduces two registration exemptions and a conditional safe harbor designed to clarify pathways for blockchain technology companies to raise capital while maintaining investor protections.

The first exemption, a startup exemption, would permit offerings of up to $5 million during a four-year period on a one-time basis. The second exemption would allow offerings of up to $75 million during each 12-month period, subject to stricter requirements including financial statement filings and ongoing reporting obligations. Both…