US unveils Regulation Crypto: what the SEC agenda means
SEC Chair Paul Atkins has unveiled a new regulatory agenda with exemptions for crypto startups. We explain what's changing in the US and how it compares to Europe's MiCA rules.
The US Securities and Exchange Commission (SEC) is preparing a new regulatory framework for crypto companies, working title ‘Regulation Crypto’. SEC Chair Paul Atkins unveiled the agenda in early July 2026, aiming to give crypto startups temporary exemptions from full registration under US securities law. The proposal is expected this month and will then move into a formal public comment period.
At a glance · 🏛️ SEC Chair Paul Atkins unveiled the ‘Regulation Crypto’ agenda for 2026 · 🚀 Startup exemption: up to 5 million dollars (roughly €4.4 million) per year, for up to four years, without full registration · 💰 Fundraising exemption: up to 75 million dollars (roughly €65.7 million) per 12-month period · 🛡️ A ‘safe harbor’ regime for developers working toward decentralization · 🇪🇺 Europe got there first: since July 1, 2026, MiCA's transition period is over, with 244 licensed firms · ⚖️ The CLARITY Act remains stalled in the Senate, pushing the SEC to move ahead through its own rulemaking
What the US is proposing
Regulation Crypto aims to give US crypto companies three routes to avoid falling immediately under the full weight of the Securities Act of 1933.
A startup exemption would give young crypto projects up to four years to raise up to 5 million dollars (roughly €4.4 million) per year without full registration, as long as the network hasn't yet ‘matured’ into a sufficiently decentralized system. A fundraising exemption would allow raising up to 75 million dollars (roughly €65.7 million) over any 12-month period through investment contracts involving crypto assets. A safe harbor regime would temporarily shield developers from registration requirements while they work toward decentralization.
For the industry, this marks a shift from the SEC's enforcement-heavy approach of recent years toward predefined exemptions, transition periods, and disclosure requirements instead of after-the-fact intervention.
How this compares to MiCA
Europe has largely already been through this process. Since MiCA's transition period ended on July 1, 2026, 244 companies have obtained a European crypto license valid across all EU member states. Where the US is now experimenting with temporary exemptions, the EU has opted for a uniform licensing regime with ongoing requirements around capital, custody of client assets, and governance.
The difference in approach matters for European investors and businesses: MiCA already offers legal certainty through licensing, while the US proposal is still in draft form and won't be finalized until after a public comment period. Meanwhile, the broader CLARITY Act, meant to divide jurisdiction between the SEC and CFTC, remains stalled in the Senate — giving the SEC extra reason to move forward through its own rulemaking.
US vs EU: regulation side by side
What this means for European investors and businesses
For users in the Netherlands, Belgium, and France, this US proposal doesn't change anything directly — the MiCA license remains the relevant standard within the EU. That said, a lighter US framework could eventually bring more American crypto firms and products into Europe, and could sharpen competition between regulatory regimes. That could ultimately benefit consumers, provided regulators stay sharp on consumer protection.
Conclusion
Regulation Crypto marks a clear shift for the SEC: from after-the-fact enforcement to predefined exemptions. Europe is already ahead on legal certainty with MiCA's completed transition period, while in the US the debate — including the stalled CLARITY Act — is still very much ongoing.
Sources: SEC. Last checked: 9 July 2026.