The official comment period for the SEC’s Regulation Crypto Assets proposal, filed under S7-2026-27, concluded on October 20, 2026. Despite the deadline, the agency announced via X that it will continue to accept feedback on the framework, noting that no formal extension was granted.
By the cutoff date, the SEC had received approximately 140 submissions from various industry participants. Notable commenters include the Hyperliquid Policy Center, AIMA, SIFMA, and Anthony Scaramucci of SkyBridge Capital. Participants have specifically requested revisions regarding the treatment of airdrops and the scope of the proposed safe harbor.
First announced on August 18, 2026, the proposal aims to establish a structured framework for crypto investment contracts. It introduces two primary exemptions under the Securities Act of 1933: a startup exemption allowing up to $5 million over four years, and a larger fundraising exemption for up to $75 million within a 12-month period.
The framework also includes a conditional safe harbor designed to preempt certain state-level securities regulations for qualifying offerings. This initiative builds upon joint guidance issued by the SEC and the CFTC in March 2026, as the agency seeks to address market structure issues while the CLARITY Act remains stalled in Congress.
