The U.S. Securities and Exchange Commission plans to release this month a new draft rule that includes standards for issuing and selling crypto assets and exemption clauses for some on-chain financial activity. The market is watching whether the rules can provide clear standards for areas such as tokenised securities and decentralised finance (DeFi), which have faced regulatory uncertainty.

On July 7 local time, major foreign media outlets including Decrypt reported that the SEC included "Regulation Crypto" in its revised regulatory agenda for 2026 as an item scheduled for release in July. Once announced, the proposal will go through a public comment process before a final version is prepared.

The core of the rules is to reduce legal uncertainty for crypto-related businesses. The SEC said it plans to refine standards for issuing and selling crypto assets while preparing exemption clauses and a safe harbor for certain activities. Tokenised securities or DeFi services that meet certain requirements are expected to significantly reduce the risk of SEC enforcement.

SEC Chairman Paul Atkins (폴 앳킨스) explained the push as part of a policy to make the United States a global crypto hub. In a statement, he said the SEC will support market innovation by offering clearer rules on fundraising using crypto and on custody and trading methods for tokenised securities.

The SEC has already disclosed some guidance on how it would apply a safe harbor, in March. At the time, it said possible candidates for review could include crypto startups valued at $5 million or less within 4 years of establishment, projects raising up to $75 million using certain crypto assets, and some crypto assets that do not require continuous management by creators or developers. It has not been decided whether those criteria will be reflected as-is in the new proposal.

The move also coincides with delays in comprehensive crypto legislation in the U.S. Congress. Congress is currently discussing passage of the Clarity Act, which would establish a legal framework for the overall crypto market, but the schedule is uncertain ahead of the November midterm elections. The industry also expects that if the bill is not passed before August, it could be difficult to legislate within the year.

For this reason, some assessments say that if the SEC draws up rules first, it could provide practical standards for fundraising, custody and trading of tokenised securities for crypto companies regardless of congressional legislation.

Even if the proposal is released, it will not take effect immediately. The SEC plans to publish a draft and then gather feedback from the industry and market participants, and the scope and detailed standards could be adjusted during that process.

The market is focused on how far the rules will allow safe harbor for tokenised securities, DeFi and early-stage project fundraising. It is expected to have a significant impact across the industry because it would be the first formal rule indicating the direction of the U.S. crypto regulatory framework.