SEC Proposes 2026 Crypto Rules for Exchanges, Brokers

The U.S. Securities and Exchange Commission included crypto-focused rulemaking in its 2026 Regulatory Agenda released Tuesday, proposing amendments to exchange and broker-dealer rules to clarify how crypto assets are regulated. The changes target broker capital requirements, customer asset protections and recordkeeping for digital assets.

The agenda highlights potential revisions to a broker liquid capital rule and a customer protection rule that governs treatment of customer assets if a broker becomes insolvent. It also lists planned changes to broker-dealer recordkeeping requirements to address how firms retain transaction and account information for crypto holdings. The SEC is considering parallel amendments to exchange rules to define listing, trading and custody practices for platforms that handle crypto products.

The agenda frames the effort as an attempt to provide clearer standards for issuance, custody and trading while deterring unlawful conduct. The document states, ‘This proposal is necessary to help clarify the regulatory framework for crypto assets and provide greater certainty to the market, and in particular, providing clear rules of the road for the issuance, custody, and trading of crypto assets while continuing to discourage bad actors from violating the law.' The agency added the proposed rules may ‘provide greater certainty to the market, facilitate capital formation, and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions.'

The agenda reflects a change in approach since Paul Atkins became SEC chair about a year ago. The agency has signaled support for clearer, more specific rules and exemptions for crypto firms. That stance contrasts with the prior period under the former chair, when the agency pursued multiple enforcement actions and maintained that many digital assets met the definition of securities. Several enforcement cases from the earlier period have been dropped as the agency revisits its regulatory approach.

The SEC flagged potential outcomes that include safe harbors or exemptions clarifying when crypto offerings and trading fall under securities regulation. The agenda also references earlier joint guidance with the Commodity Futures Trading Commission issued in March, which set out factors for when a digital asset would no longer be treated as a security.

The regulatory agenda lists crypto among other proposals for the coming year and does not include final rule text. Any amendments would follow the standard notice-and-comment rulemaking process and additional agency review. If adopted, the changes could affect how broker-dealers hold liquid reserves, segregate or custody customer crypto assets, and how exchanges manage listing and trading rules for crypto products.