The U.S. Securities and Exchange Commission has placed cryptocurrency regulation among its top priorities for 2026, releasing a regulatory agenda that lays out plans to rewrite key rules governing exchanges, broker-dealers, and digital asset custody.
Agenda Signals Broad Shift in Crypto Oversight
The SEC released its 2026 Regulatory Agenda on Tuesday, which spans proposed changes ranging from reducing compliance burdens for emerging companies to allowing semi-annual reporting, with crypto standing out as one of the agency’s biggest regulatory priorities. The agenda includes three distinct proposed rule changes: one addressing crypto broker-dealers, another concerning digital assets traded on alternative trading systems and national securities exchanges, and a third exploring potential exemptions and safe harbors for digital assets.
Broker-Dealer Rules Under Review
The SEC is considering amending a rule requiring brokers to maintain a minimum amount of liquid capital, along with a separate rule designed to protect customer assets if a broker becomes insolvent. The agency is also seeking to modify recordkeeping rules for broker-dealers, with all three changes aimed at addressing how these rules apply to crypto assets. According to reporting from Crypto Briefing, the centerpiece of the agenda is a set of proposed amendments filed under RIN 3235-AN48, targeting the financial responsibility, recordkeeping, and reporting rules that govern broker-dealers handling crypto assets.
SEC plans crypto rule changes for exchanges and broker dealers in 2026 regulatory agenda
Exchange and Trading Platform Changes
Beyond broker-dealers, the agenda also contemplates changes to rules governing crypto trading on alternative trading systems and national securities exchanges, with custody standards also on the table. The SEC framed the proposal as necessary to help clarify the regulatory framework for crypto assets and provide greater certainty to the market, particularly by establishing clear rules for the issuance, custody, and trading of crypto assets while continuing to discourage bad actors from violating the law.
Coverage from crypto.news noted that the SEC’s Agency Rule List shows the commission considering separate rulemaking projects covering crypto assets broadly, crypto broker-dealers specifically, and crypto market structure overall.
A Deliberate Departure From the Gensler Era
Over the past year since SEC Chair Paul Atkins took the helm, the agency has adopted a friendlier approach to crypto, taking the overarching position that clearer rules are needed, including through more tailored rules and exemptions. This marks a significant departure from the tenure of former SEC Chair Gary Gensler, during which the agency took a more cautious stance, pursued enforcement actions against several major crypto firms, and maintained that many cryptocurrencies qualified as securities — an approach that drew criticism from industry participants and lawmakers who argued the SEC relied too heavily on regulation through enforcement. Many of those enforcement cases have since been dropped.
Cointelegraph reported that SEC Chair Paul Atkins said the 2026 agenda was intended to align with the Trump administration’s policy goals on crypto, including clarification on tokenized securities and capital raising with digital assets. However, the outlet also noted that the SEC’s approach under Trump and Atkins has drawn accusations from critics of a “pay-to-play scheme,” with Democratic lawmakers alleging in a January letter that Trump and his associates financially benefited from companies — including Binance, Coinbase, Ripple Labs, and Kraken — that had previously faced enforcement actions later dropped by the agency.
Safe Harbors and Exemptions on the Horizon
One of the more closely watched elements of the agenda is the prospect of new exemptions. In March, the SEC joined the Commodity Futures Trading Commission in releasing guidance asserting that most cryptocurrencies are not securities, while also outlining when a digital asset would cease to be classified as a security.
Separately, guidance from the SEC’s Division of Trading and Markets has already begun reshaping broker-dealer practice around crypto. In May 2025, the division released FAQ-style guidance clarifying that broker-dealers may custody non-security crypto assets, treat crypto asset securities as held at a permissible control location, conduct non-security crypto businesses, hold crypto assets as proprietary positions for net capital purposes subject to applicable haircuts, and engage in in-kind creations and redemptions for spot crypto exchange-traded products.
Legislative Backdrop
The SEC’s rulemaking push is unfolding alongside ongoing congressional efforts. The CLARITY Act awaits a Senate vote as lawmakers work to reconcile competing versions before an August 7 deadline. Reporting from Grafa noted that the SEC said the changes are intended to provide greater regulatory certainty while Congress considers broader cryptocurrency market legislation.
What Comes Next
The proposals remain at an early stage. None of the rule changes have been formally published in text form, and public comment periods have not yet opened. Market participants — from exchanges and broker-dealers to early-stage token issuers — are expected to watch closely for the release of proposed rule text, which will determine the actual scope of new compliance obligations. Given the SEC’s stated intent to move away from “regulation by enforcement” toward defined rulemaking, the coming months are likely to bring the clearest picture yet of how U.S. securities law will formally treat digital assets.
