SEC Chair Paul Atkins said a broad crypto rulemaking package known internally as “Reg Crypto” or “Regulation Crypto Assets” is now at the White House Office of Information and Regulatory Affairs for final review. Once that process is finished, the proposal is expected to be released for public comment. Atkins disclosed the status update on April 6, 2026 at a digital assets policy summit in Nashville.
Three safe-harbor exemptions sit at the center of the proposal
Atkins had previously outlined the framework in a March 17, 2026 speech at the DC Blockchain Summit. His approach would draw a clearer line for how crypto assets are treated under federal securities law. Under the proposal, most crypto assets — including digital commodities, collectibles, tools, and payment stablecoins — would be treated as non-securities. Tokenized versions of traditional securities would remain fully subject to existing securities rules.
For crypto assets that are offered as investment contracts under the Howey test, the SEC proposal would create three targeted safe harbors. The first is a startup exemption for early-stage projects. It would provide a time-limited, non-exclusive registration exemption lasting up to four years, allowing projects to raise about $5 million while their networks mature, so long as they publish principles-based disclosures and file notices with the SEC.
The second is a fundraising exemption. It would allow issuers to raise up to about $75 million in any 12-month period for crypto asset investment contracts. Issuers using that path would need to submit disclosure documents covering financial condition and other principles-based statements, while still being able to rely on other existing registration exemptions. A third path, the investment contract exemption, would let a crypto asset move out of securities-law classification once the issuer has permanently stopped all essential managerial efforts previously promised to investors.
Atkins also defended closing the SEC innovation hub
Atkins used the event to explain why the SEC shut down its innovation hub. He said the office had developed a toxic reputation under former Chair Gary Gensler. According to Atkins, industry participants told him they could visit the office, go home, and find a subpoena waiting at their front door. He said that reputation had damaged the agency’s ability to engage with the sector.
He also contrasted the current regulatory climate with the previous leadership period, saying Gensler had harmed the Commodity Futures Trading Commission before moving to the SEC, leaving both agencies in need of repair. Atkins added that he had expected SEC staff to resist the direction of the new administration, but instead found that staff members had accepted the shift.
Formal rule text has not been published yet
The SEC has not released the formal proposed rule text. For now, the clearest public description of the plan comes from Atkins’ March 2026 token safe-harbor remarks and his latest comments in Nashville. After OIRA completes its review, the agency is expected to publish the full proposal and open the public comment process.
At the same event, Atkins also urged the crypto industry to take part in the 2026 midterm elections and support candidates who favor innovation-oriented regulatory policy.