The SEC just proposed actual crypto rules: Regulation Crypto Assets explained

A 402 page proposal, two fundraising exemptions, and a safe harbor that could remove the investment contract label from qualifying tokens. What the framework means and where it falls short. Summary The SEC published a 402 page proposing release for Regulation Crypto Assets on August 18, 2026, creating two new exemptions from Securities Act registration for offerings involving crypto asset investment contracts. The startup exemption allows offerings of up to $5 million over a four year period, while the fundraising exemption permits up to $75 million in any rolling 12 month period with tiered disclosure requirements. A conditional safe harbor would remove the investment contract label from a crypto asset once the issuer has permanently ceased all essential managerial efforts it previously promised to undertake. The proposal comes six days after the CLARITY Act stalled in the Senate, with Congress leaving for August recess without a floor vote and Polymarket passage odds collapsing from 82% to roughly 16%. Public comments are open for 60 days following Federal Register publication on August 21, with the proposal representing the SEC’s first formal rulemaking dedicated to crypto asset...