33-11434; 34-106150 · File S7-2026-27
24 sections. One proposing release.
Every heading in the table of contents of Release 33-11434 has a dedicated briefing — analysis of the text, research against the record, and ideation for the comment file — plus a comparables file that maps the peer statutes. Use the numbered strip at the top of every page.
- 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.
24 sections · FR 2026-08-21 · comments 2026-10-20