The U.S. Securities and Exchange Commission is considering writing a new rule that could allow crypto projects to raise early-stage funding without registering securities. With Congress delayed on digital asset legislation, the move is seen as an effort by the SEC to fill a regulatory gap in the crypto market through its own rules.

Blockchain outlet Decrypt reported on Aug. 11 that the SEC plans to hold an open meeting on Aug. 14 to discuss whether to propose what it calls “Regulation Crypto.”

At the core is creating a separate regulatory framework so crypto projects do not have to follow all existing securities registration procedures when raising funds in the early stage. The SEC is also reviewing a plan that would allow projects to fall outside the SEC’s regulatory scope later if they meet certain conditions. It would exclude projects from regulation once they become sufficiently decentralised and founders or developers no longer actively manage the network.

A notice the SEC released on Aug. 10 included a plan to create a tailored regulatory framework for certain digital asset issuance. If the agenda item moves into a public comment process, it would start a formal rulemaking process that could apply across the industry, going beyond individual staff statements or interpretations this year.

The move is also seen as reflecting the policy direction of SEC Chair Paul Atkins (폴 앳킨스). Atkins has stressed a “Regulation Crypto” approach that would provide regulatory exceptions for crypto projects under certain conditions, rather than an enforcement-focused approach.

Atkins said in March that an exemption programme for startups could last for up to 4 years and could provide a regulatory runway for developers to decentralise their projects during that period.

The notice did not include detailed standards such as specific fundraising limits or which projects would be covered. If an actual rule is 마련ed, fundraising 규모, investor protection measures and criteria for determining decentralisation are expected to become key issues during the comment process.

The new rule would not automatically guarantee permission to raise funds or reduced supervision. A key condition is that project developers step away from management after building the network and no longer exercise active control. That is, regulatory exceptions may be allowed at an initial stage, but a project would need to transition from a founder-led business to an independent decentralised network to significantly reduce regulatory burdens.

The SEC’s move also ties to delays in congressional legislation. The U.S. Senate entered its August recess without advancing the Clarity bill aimed at laying a legal foundation for the digital asset market. With discussions delayed on legislation that would clarify market structure and regulatory jurisdiction over digital assets, the SEC is interpreted as trying to ease some regulatory uncertainty through its own rulemaking.

Jarrett Seiberg (재럿 세이버그) of TD Cowen, in a client memo, assessed the move as the first step in a series of SEC rulemakings aimed at providing regulatory certainty for crypto assets after the Senate failed to advance the Clarity bill before the August recess.

Another point the industry is watching is the durability of the rules. The SEC has issued positions this year on staking, airdrops and mining, but individual staff statements or interpretations could change depending on future policy direction. By contrast, if confirmed as a formal rule, it could function as a more stable regulatory standard beyond the term of a particular chair or administration.

If Congress enacts a law, the situation could change. That is because legislation provides a legal basis that takes precedence over the SEC’s own rules. The market is therefore also watching the possibility that discussions on the Clarity bill could resume in earnest after September.

The SEC is also working in parallel to clarify regulatory boundaries for crypto assets. A plan is being pursued with the Commodity Futures Trading Commission to classify digital assets and determine which agency has jurisdiction over each.

The Clarity bill could also be taken up again next month, but prediction markets currently see the chance of passage within the year at about 22 percent.

The SEC’s open meeting on Aug. 14 is expected to be a test of whether U.S. crypto regulation shifts from an enforcement-focused approach to one centred on formal rulemaking, beyond a simple policy signal. The discussion that day would not immediately lead to implementing a new rule. Even if a proposal is adopted, it would still need to go through public comment, revisions and final approval, so it could take months before an actual rule is in place.

The market expects key issues to include which projects the SEC will recognise as eligible for exemptions, what limits it will set on fundraising 규모, and what 기준 it will use to determine “decentralisation.”