File S7-2026-27/RIN 3235-AN38/Proposed rule
Regulation Crypto Assets
A section-by-section briefing of SEC Release Nos. 33-11434; 34-106150. Two exemptions, a conditional safe harbor, and NSMIA preemption — annotated for issuers, counsel and commenters. 24 sections. One proposing release.
Startup
$5M
Rule 200 · four years
Tier 1
$20M
Rule 300 · 12 months
Tier 2
$75M
Rule 300 · 12 months
Qualify
20 days
Form 1-CRYPTO
Retail cap
10%
Income or net worth, both tiers
PRA cost
$42.8M
Annual · opt-in only
The paper
Open a section
Numbered buttons at the top of every page match these sections one-for-one. Analysis, research and ideation on each.
- 01pp. 1–3
1. Cover
The proposing release, as filed
- 02pp. 7–10
2. Intro
Why the Commission says existing rules are not fit-for-purpose
- 03pp. 10–12
3. Pre-2025
The DAO Report decade
- 04pp. 13–19
4. 2025+
Task Force, Project Crypto, 2026 Interpretation
- 05pp. 19–28
5. Task Force
What 300 letters actually moved
- 06pp. 28–30
6. Summary
The proposed rules on one page
- 07pp. 32–41
7. Definitions
Rule 100 — the dictionary that runs the rest of the book
17 CFR 228.100
- 08pp. 41–46
8. Mechanics
Rule 101 — non-exclusive, integrated, electronic, forgiving, unitized
17 CFR 228.101
- 09pp. 46–47
9. Inflation
Rule 102 — CPI-U, no less than every five years
17 CFR 228.102
- 10pp. 48–66
10. Disclosure
Rule 103 — ten topics, principles-based, whitepaper-consistent
17 CFR 228.103
- 11pp. 66–70
11. Bad Actor
Rule 104 — Regulation A’s disqualification, imported
17 CFR 228.104
- 12pp. 70–95
12. Startup $5M
Rule 200 — $5 million, four years, a website, and a one-time ticket
17 CFR 228.200
- 13pp. 96–161
13. Fundraising
Rules 300–307 — the Regulation A that Regulation A could not be
17 CFR 228.300–.307
- 14pp. 116–148, Apps. A–F
14. Forms
The six-form stack
17 CFR 239.600–.605
- 15pp. 148–161
15. Reporting
Rule 305–307 — staying current, getting out, getting suspended
17 CFR 228.305–.307
- 16pp. 161–169
16. Safe Harbor
Rule 400 — the CIC ends when the promises end
17 CFR 228.400
- 17pp. 169–182
17. Preemption
Rule 500 — qualified purchaser, NSMIA, both tiers, secondaries too
17 CFR 228.500
- 18pp. 182–183, 307–311
18. Other
Other matters, present values, the Congressional Review Act
- 19pp. 183–277
19. Economics
Section IV — baseline, effects, alternatives
- 20pp. 279–306
20. PRA
Paperwork Reduction Act — the hour counts that become the budget
- 21pp. 311–318
21. RFA
IRFA — small entities, 89 of them, no special pass
- 22pp. 318–369
22. Rule Text
The words that would actually be in the CFR
- 23pp. —
23. Playbook
What to do with the next 43 days
- 24pp. desk file
24. Comparables
Peer statutes. One US offering paper.
Subparts A–E
The regulation, mapped
Comparables
26 peer statutes
MiCA, eWpG, the UK SI, Bermuda DABA, DARE, Cayman VASP, El Salvador DAIL, India VDA tax, China Notice 42, OJK, FSCA, Hong Kong Cap. 656, MAS, the Gulf centres, FATF. Each file mapped onto Rules 100–500, with the official links.
United States
European Union
United Kingdom
Switzerland
Americas
Caribbean
Africa
Asia
- 15In force
Singapore
MAS · Payment Services Act + SCS framework
- 16In force
Hong Kong
SFC VATP + HKMA Stablecoins Ordinance Cap. 656
- 17In force
Japan
FSA · PSA cryptoasset exchanges + EPI stablecoins
- 18In force
South Korea
VAUPA 2024 · FSC VASP · DABA forthcoming
- 19Amended
Australia
INFO 225 live · Digital Assets Framework 9 Apr 2027
- 20In force
India
VDA tax 30% + 1% TDS · FIU-IND · no market statute
- 21In force
Indonesia
OJK · Law 4/2026 · digital financial asset traders
- 22In force
Mainland China
Prohibition · PBOC Notice 42 [2026] · RWA and RMB-stablecoin controls
Middle East
Global standards
How to comment
One method. File number on the line.
Internet form
sec.gov/comments/s7-2026-27Email
rule-comments@sec.gov — File No. S7-2026-27 on the subject linePaper
Vanessa A. Countryman, Secretary, SEC, 100 F Street NE, Washington, DC 20549-1090
Contacts: Patrick Faller, John Fieldsend, Irene Paik — Division of Corporation Finance. Do not include personal information you do not want posted.