SEC Poised to Launch Pivotal Crypto Rulemaking, TD Cowen Says

The U.S. Securities and Exchange Commission has historically defined the boundaries of federal securities law for crypto largely through enforcement, leaving issuers and trading platforms seeking a clearer rulebook. Chair Paul Atkins outlined “Regulation Crypto Assets” on March 17, 2026, envisioning tailored exemptions for token offerings alongside disclosure and investor-protection requirements. A formal proposal would mark a shift toward notice-and-comment rulemaking and could shape the market even if Congress has yet to complete broader digital-asset legislation.

TD Cowen said the SEC’s open meeting at 10 a.m. ET on Aug. 14 could begin a pivotal crypto rulemaking process, potentially starting with a token safe harbor. The commission is expected to consider whether to release a proposal for public comment, rather than adopt a final rule immediately. Atkins previously floated a startup exemption lasting as long as four years with a $5 million fundraising cap, plus a separate exemption allowing issuers to raise as much as $75 million over 12 months.