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    SEC (US Securities and Exchange Commission) and crypto

    Also known as Securities and Exchange Commission, U.S. SEC

    The Securities and Exchange Commission is the US securities regulator, founded in 1934 to protect investors, keep markets fair and orderly, and facilitate capital formation.[1] In crypto, it issued a joint token taxonomy with the CFTC in March 2026 and proposed Regulation Crypto Assets in August 2026. The CLARITY Act would leave it in charge of securities and hand digital commodity trading to the CFTC.[2][3][4]

    Editor reviewedStrict sourcingUpdated CryptoTech policyMarkets and trading
    Key facts

    The US Securities and Exchange Commission oversees the US securities markets. It is one of the two federal agencies at the centre of the crypto market-structure debate. The other is the CFTC.[1][5] This page is for information only and is not financial or investment advice.

    Mission and scale

    The SEC was founded in 1934, during the Great Depression. Its stated mission is protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation.[1] In 2023, the agency said it oversees more than $100 trillion a year in securities trading on US equity markets.[6]

    The SEC and crypto in 2026

    On March 17, 2026, the SEC issued an interpretation of how federal securities laws apply to crypto assets, and the CFTC joined it.[7] The interpretation sorts tokens into five groups: digital commodities, digital collectibles, digital tools, stablecoins and digital securities.[2] Chairman Paul Atkins said it recognises that most crypto assets are not themselves securities.[8] The interpretation also covers airdrops, protocol mining, protocol staking and token wrapping. It explains how a token can become subject to an investment contract and later stop being subject to one.[9]

    On August 18, 2026, the SEC proposed Regulation Crypto Assets. It would add a one-time exemption for offerings of up to $5 million over four years and an exemption of up to $75 million in each 12-month period.[3] It would also add a conditional safe harbor: a crypto asset that meets the conditions would be deemed not subject to an investment contract.[10] Atkins presented the proposal as a step taken while Congress works on a lasting framework.[11]

    The proposed rules would also pre-empt state securities registration requirements for offerings under the new exemptions and for certain secondary trades.[12] The SEC set a 60-day comment period from publication in the Federal Register, so the rules are not final.[13] The two agencies issued the March interpretation jointly,[7] and CFTC Chairman Michael Selig previously served as chief counsel of the SEC’s Crypto Task Force and as a senior adviser to Atkins.[14]

    Role under the CLARITY Act

    Under the CLARITY Act, the SEC would keep jurisdiction over securities. It would also oversee some digital commodity activity by brokers and dealers on alternative trading systems and by national securities exchanges.[4] Some token sales would be exempt from SEC registration if the issuer raised no more than $50 million over 12 months.[15] The Senate Banking version adds “ancillary assets”, tokens whose value depends on their originator’s managerial efforts, with disclosure duties under the Securities Act.[16] The bill failed a Senate cloture vote on September 15, 2026, so these changes are not law.[17] See What the CLARITY Act does, explained.

    Questions readers ask

    What does the SEC do?

    Its mission is to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation. It was founded in 1934.[1]

    Does the SEC think crypto assets are securities?

    In a March 2026 interpretation joined by the CFTC, SEC Chairman Paul Atkins said most crypto assets are not themselves securities. The interpretation sorts tokens into digital commodities, digital collectibles, digital tools, stablecoins and digital securities.[8][2][7]

    What is Regulation Crypto Assets?

    An SEC proposal from August 18, 2026, with a one-time exemption for offerings up to $5 million over four years and an exemption for up to $75 million per 12 months, plus a conditional safe harbor.[3][10]

    What would the CLARITY Act change for the SEC?

    The CFTC would become the general regulator of digital commodity trading. The SEC would keep securities and some digital commodity activity on alternative trading systems and national securities exchanges.[5][4]

    Sources

    Each numbered claim is a statement we checked against the sources listed with it. Status shows how well established it is.

    1. [1]

      The SEC was founded in 1934 with a mission of protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation. confirmedas of 2026-10-10

      • SEC mission · U.S. Securities and Exchange Commission · 2023-08-09 (retrieved 2026-10-10)
    2. [2]

      The March 2026 interpretation sets out a token taxonomy of digital commodities, digital collectibles, digital tools, stablecoins and digital securities. confirmedas of 2026-10-10

    3. [3]

      On August 18, 2026, the SEC proposed Regulation Crypto Assets, with a one-time $5 million exemption over four years and a $75 million per-12-month exemption for certain crypto asset investment contracts. confirmedas of 2026-10-10

    4. [4]

      According to the CRS summary, the bill gives the SEC jurisdiction over digital commodity activity by certain brokers and dealers on alternative trading systems and by national securities exchanges. confirmedas of 2026-10-10

    5. [5]

      According to the Congressional Research Service summary, the bill would make the CFTC the general regulator of digital commodity transactions, including digital commodity exchanges, brokers and dealers. confirmedas of 2026-10-10

    6. [6]

      The SEC said in 2023 that it oversees more than $100 trillion in annual securities trading on US equity markets. confirmedas of 2023-08-09

      • SEC mission · U.S. Securities and Exchange Commission · 2023-08-09 (retrieved 2026-10-10)
    7. [7]

      On March 17, 2026, the SEC issued an interpretation on how federal securities laws apply to crypto assets, which the CFTC joined. confirmedas of 2026-10-10

    8. [8]

      SEC Chairman Paul Atkins said the interpretation acknowledges that most crypto assets are not themselves securities. confirmedas of 2026-10-10

    9. [9]

      The March 2026 SEC interpretation addresses airdrops, protocol mining, protocol staking and the wrapping of non-security crypto assets, and how a crypto asset can become, and cease to be, subject to an investment contract. confirmedas of 2026-10-10

    10. [10]

      The proposed Regulation Crypto Assets includes a conditional safe harbor under which a qualifying crypto asset would be deemed not subject to an investment contract. confirmedas of 2026-10-10

    11. [11]

      In proposing Regulation Crypto Assets, Chairman Atkins said the SEC was acting as Congress works to establish a lasting regulatory framework. confirmedas of 2026-10-10

    12. [12]

      The proposed Regulation Crypto Assets would pre-empt state securities registration and qualification requirements for offerings made under its exemptions and for certain secondary trades. confirmedas of 2026-10-10

    13. [13]

      The SEC set a 60-day public comment period for Regulation Crypto Assets, running from its publication in the Federal Register. confirmedas of 2026-10-10

    14. [14]

      Before leading the CFTC, Selig was chief counsel of the SEC's Crypto Task Force and a senior adviser to SEC Chairman Paul Atkins. confirmedas of 2026-10-10

    15. [15]

      The House text exempts certain primary sales of digital commodities from SEC registration where the issuer has raised no more than $50 million (inflation-adjusted) in the preceding 12 months, subject to other conditions. confirmedas of 2026-10-10

    16. [16]

      The Senate Banking text introduces "ancillary assets", network tokens whose value depends on the entrepreneurial or managerial efforts of the token's originator or a related person. confirmedas of 2026-10-10

    17. [17]

      On September 15, 2026, the Senate rejected cloture on the motion to proceed to H.R. 3633 by 49 to 50 (Rollcall Vote No. 234), with Sen. Chris Coons not voting. confirmedas of 2026-10-10

    Revision history (1)
    1. Page created.

    Created Oct 10, 2026. Last reviewed by an editor on Oct 10, 2026. Next scheduled review: Jan 10, 2027.

    Cite this page

    "SEC (US Securities and Exchange Commission) and crypto." ContentLora, updated Oct 10, 2026. https://contentlora.com/wiki/sec

    Spotted an error? Suggest a correction or emailcorrections@contentlora.com.

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