On August 18, 2026, the US Securities and Exchange Commission approved by 3–1 vote the release of a proposed Regulation Crypto Assets, a tailored securities-offering framework for certain crypto-asset investment contracts.
The proposal would exempt from full Securities Act registration certain offerings up to $5 million over a rolling four-year period and up to $75 million in any twelve-month period, subject to principles-based disclosure requirements addressing token functionality, tokenomics, technology risks, governance, and issuer and management background.
The proposal would also, subject to conditions, provide a safe harbor from characterization as an “investment contract” once a network reaches a defined level of decentralization or functionality, mirroring elements of the “Safe Harbor 2.0” concept previously advanced by Commissioner Peirce.
Registration statements would be reviewed under a streamlined Form CA-1 process, and secondary trading of qualifying tokens on registered platforms would be facilitated. Comments are due 60 days after publication in the Federal Register.
The proposal is a significant step toward a formal SEC rulebook for token issuers, and is directly relevant to Brazilian, Portuguese, and other cross-border sponsors evaluating US-facing token offerings and secondary-market listings.