U.S. Securities and Exchange Commission Chair Paul Atkins said the agency’s proposed Regulation Crypto Assets framework has been submitted to the White House for review, a step that signals progress toward a formal crypto rulemaking track. The framework, first outlined in mid-March, has moved to the Office of Information and Regulatory Affairs, a prerequisite before public release.
According to Invezz, the plan lays out a three-part structure intended to clarify how crypto projects raise capital and operate within securities laws. At the core is an investment-contract safe harbor, with several exemptions designed to ease early-stage fundraising while preserving investor protections.
Under the startup exemption, early-stage projects would be allowed to raise funds over a four-year window with lighter disclosure requirements. A separate fundraising exemption would permit issuers to raise capital within a 12-month period while still retaining access to other registration exemptions under federal securities laws.
The framework also features a central provision that could allow certain digital assets to fall outside the definition of a security once project teams step back from any managerial role that had been promised or implied during fundraising. Atkins indicated that the agency is still shaping elements of the proposal and is seeking input from industry participants before final terms are locked in.
The goal, according to the SEC, is to ensure the framework is workable in practice, with considerations for exemptive relief and safe harbor protections included as part of the broader package. Under the standard rulemaking process, the SEC must first approve the proposal internally before sending it to OIRA for review. Once cleared, the framework would be published in the Federal Register and opened to public comment, allowing market participants to weigh in before any final adoption.
Key takeaways
- Price move: None observed yet; framework is in White House review and not yet public.
- Catalyst: Submission of the Regulation Crypto Assets framework to the Office of Information and Regulatory Affairs, a step before formal publication.
- Key implication: The three-part plan could alter how crypto projects raise capital and operate under securities laws, potentially providing exemptions for startups and fundraising while pursuing an investor-protective safe harbor.
What drove the move
The SEC’s push for a regulated crypto operating environment comes as policymakers pursue a clearer framework for digital assets amid ongoing debates over market structure and investor protection. The proposed approach aims to balance innovation with securities-law safeguards, while offering workable paths for early-stage issuers to access capital without triggering the full registration regime.
Market reaction
There has been no immediate, widely documented market move tied to the White House review status. Still, the development is being watched by crypto firms and investors for signals about how quickly formal rulemaking could proceed and how tightening or easing provisions might affect token offerings and fundraising activity.
What analysts are saying
Analysts have noted that the framework would address several long-standing questions about when a token is a security and how projects can raise funds without incurring disproportionate disclosure burdens. The emphasis on a safe harbor and staged exemptions suggests policymakers are prioritizing practical applicability, while preserving oversight to curb misrepresentation and fraud. Industry participants are expected to weigh in during the public-comment phase, which will follow any White House clearance and Federal Register publication.
Bigger picture
The SEC’s proposal arrives amid broader regulatory work on crypto, including stalled legislative efforts such as the Digital Asset Market Clarity Act, which remains tied up in negotiations over stablecoins and regulator oversight. Lawmakers and industry groups continue to negotiate, with the potential for Senate consideration if talks progress. Regulators are also coordinating more closely; the SEC and the Commodity Futures Trading Commission recently signed a memorandum of understanding to align oversight, reduce conflicting requirements across markets, and streamline reporting and cross-market surveillance. The move to White House review could mark one of the first concrete steps toward a more defined operating environment for crypto firms in the United States, even as Congress debates how to fit digital assets into the broader market structure.
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What to watch next: OIRA clearance remains a gating step before public release, followed by Federal Register publication and a public-comment period. Investors will monitor any signals from Congress on the Digital Asset Market Clarity Act, as well as updates to cross-agency guidance and enforcement priorities that could shape the pace of crypto rulemaking.
