SEC Proposes “Regulation Crypto Assets” Rulemaking - whitecase.com

The U.S. Securities and Exchange Commission has proposed a new rulemaking, referred to as "Regulation Crypto Assets," according to law firm White & Case. The proposal signals a formal step toward establishing a dedicated regulatory framework for digital assets, rather than relying solely on enforcement actions and case-by-case guidance.

For markets, the significance lies in the shift from ambiguity to codified rules. A defined framework could clarify which tokens are treated as securities, how issuers register or qualify for exemptions, and what disclosure and custody obligations apply to intermediaries. That clarity may reduce compliance uncertainty for exchanges, brokers, and token issuers operating in the U.S.

What to watch: the proposal's scope, its public comment period, and whether it addresses custody, trading, and disclosure in a single framework or in stages. Also monitor how the Commodity Futures Trading Commission and Congress respond, since overlapping jurisdiction remains a key open question.