The U.S. Securities and Exchange Commission has set a July target to propose three crypto rules, but with days left in the month the agency has not released any proposal text.
The three rulemakings appeared in the SEC’s 2026 regulatory agenda on July 7, each marked for a formal proposal in July 2026. They would set federal terms for how digital assets are offered, held, and traded, affecting token issuers, broker-dealers, and exchanges that have operated under case-by-case enforcement. Chair Paul Atkins has tied the push to a White House goal of expanding crypto activity in the United States.
What the three rulemakings would cover
The flagship rule (RIN 3235-AN38), which the agency internally calls Regulation Crypto, addresses the offer and sale of digital assets, “potentially to include certain exemptions and safe harbors.” The SEC has designated it economically significant.
A second item (RIN 3235-AN48) would amend broker-dealer net capital rule 15c3-1, customer-protection rule 15c3-3, and recordkeeping rules 17a-3 and 17a-4 to cover crypto. Firms that hold or clear digital assets for clients would face updated capital and custody standards. A third (RIN 3235-AN49) would amend Exchange Act rules for crypto trading on alternative trading systems and national securities exchanges.
All three sit at the proposed-rule stage. A public comment period would follow any proposal, and no enforcement changes are attached.
Why the July target may slip
Atkins first floated the offerings rule earlier in 2026, pointing initially to January and then to the “coming weeks” in March. Neither arrived. The proposal is now under review at the White House Office of Information and Regulatory Affairs.
Timing is not the only constraint. Even if the SEC publishes in July, a notice opens a comment window of roughly 60 to 90 days, which puts final rules in 2027 at the earliest.
How the CLARITY Act stalemate raises the stakes
The rulemaking runs parallel to the Digital Asset Market Clarity Act (H.R. 3633), which would divide oversight between the Commodity Futures Trading Commission and the SEC. The House passed it in July 2025, and the Senate Banking Committee advanced it 15 to 9 in May 2026, but it has not reached a Senate floor vote.
Backers now treat August 7, 2026, the last session day before the summer recess, as the realistic cutoff for passage this year; prediction market Polymarket recently priced 2026 enactment near even odds. Because a formal rule binds future commissions more firmly than staff guidance, some in the industry see the SEC route as a durable fallback if the bill stalls.
What issuers and exchanges can expect next
The offerings rule is expected to build on Atkins’ March remarks, which floated a temporary registration exemption of up to four years and a path for a token to leave securities status once its developers stop driving the project. Specific limits, including any fundraising cap, will not be confirmed until the SEC publishes the proposal.
Two dates now matter: the first notice on the federal agenda docket, and whether Senate leaders schedule a CLARITY vote before August 7.