SEC proposes crypto rules with $5m and $75m exemptions

The US Securities and Exchange Commission proposed Regulation Crypto Assets on 18 August 2026: two exemptions that let a crypto project raise money without full securities registration, plus a conditional safe harbour that takes a token outside the term investment contract. For European investors, nothing changes today — MiCA applies here. The comment period runs for 60 days after publication in the Federal Register.

What the proposal actually says

Press release 2026-76 sets out two exemptions side by side:

Alongside these sits a conditional safe harbour. A crypto asset falls outside the term investment contract once the issuer has completed or ceased all the essential managerial efforts it represented or promised. That is precisely where the American argument has been stuck for years: a token sold as an investment at launch stays a security forever, even after nobody is working on it any more.

What it does not do

This is a proposal, not a rule. The comment period runs 60 days from publication in the Federal Register, and only then does the SEC decide whether the regime goes ahead and in what form. Until that point, nothing changes about existing enforcement.

The proposal is also silent on trading venues, custody and stablecoins. It covers one thing: how the issuer of a token raises money.

What this means for a European investor

Directly: nothing. Anyone trading through a European exchange falls under MiCA, and that regulation has governed issuance, custody and service provision since the transitional period ended. The SEC rules apply to offerings made in the United States.

Indirectly it may matter. A project allowed to raise money in the US without full registration no longer has to lock American investors out. That widens the market for new tokens, and with it the supply that eventually reaches European venues. Whether that is good news depends on what is being offered: a lower bar to raising money is also a lower bar for projects that have not earned it.

To check which providers hold an authorisation in Europe, look at the CASP register. That register tells you about the service provider, not about the token you are buying — a distinction that gets lost quickly in coverage like this.

The comment period is open to everyone

An SEC consultation is open to anyone, including non-Americans, and responses are published. That is not a formality: earlier consultations have seen thresholds and reporting requirements adjusted after comments came in.

Frequently asked questions

Is this already in force?

No. It is a proposal with a 60-day comment period after publication in the Federal Register. A decision follows after that.

Does this mean bitcoin is no longer a security?

Bitcoin has never been treated as a security in the United States. The safe harbour concerns tokens with an issuer that promised managerial efforts, which is not the case for bitcoin.

Does anything change for my tax return?

No. This is American securities law. Nothing changes for a Dutch, Belgian or other European tax return.

Will new tokens be easier to get hold of now?

Not in the short term, and not automatically. A European exchange decides for itself what it lists, and has to satisfy MiCA in doing so.

Sources

• SEC, press release 2026-76, SEC Proposes New Regulation Crypto Assets, 18-08-2026. Verified 20-08-2026.
• SEC, Proposed Rule: Regulation Crypto Assets (33-11434). Verified 20-08-2026.
• The Cryptonomist, ETF and market reaction to the proposal, 20-08-2026. Verified 20-08-2026.

Further reading: what MiCA regulates in Europe, compare exchanges holding a European authorisation, and the beginner's guide if you are just starting out.