While the CLARITY Act languishes in Congress, the Securities and Exchange Commission (SEC) has moved forward in its efforts to provide a federal regulatory framework for crypto assets by proposing a tailored securities offering regime for certain investment contracts involving crypto assets. On August 18, 2026, the SEC issued a 401-page release proposing new rules for “Regulation Crypto Assets.” Regulation Crypto Assets would establish exemptions for startups and fundraising, provide a conditional investment contract safe harbor, and include a definition of “qualified purchaser” to preempt state securities registration and qualification requirements.

Regulation Crypto Assets follows the interpretive guidance issued…