TLDR
US regulators are actively pushing new crypto rule frameworks for token fundraising, market structure and stablecoins, even while the main crypto bill in Congress remains stalled.
- The SEC has proposed Regulation Crypto Assets, adding exempt paths for token sales and a conditional safe harbor for some tokens to exit securities status.
- The CFTC is preparing crypto market structure rules and says it will proceed even if the CLARITY Act, a flagship crypto bill, fails in the Senate.
- The OCC is moving to finalize GENIUS Act stablecoin rules by November, giving banks and issuers a clearer federal framework for dollar-pegged tokens from 2027 onward.
Deep Dive
1. SEC Fundraising Paths
The SECs proposed Regulation Crypto Assets creates new ways for projects to raise capital in tokens without full securities registration, including a startup exemption around 5 million dollars and a larger 75 million dollar tier, both with disclosure and reporting requirements. The proposal also includes a conditional safe harbor where, if a network is sufficiently mature and managerial efforts have ceased, a token can be self-certified out of investment contract status under specific conditions, subject to SEC challenge.
Analyses of the rule highlight that it could reopen onshore token fundraising for US projects in a more structured way than the 2017 initial coin offering boom, while still preserving antifraud protections and caps on retail exposure. The framework is out for public comment and sits alongside the still-pending CLARITY Act, which would set statutory boundaries between SEC and CFTC oversight for digital assets, creating potential overlap between rule and legislation if both advance in parallel.
For builders, there may soon be clearer US-native token fundraising lanes, but final rules and their interaction with future legislation remain uncertain and worth watching closely.
2. CFTC Market Structure Plans
CFTC Chair Michael Selig has stated that crypto market structure rules will move forward regardless of bill, with staff already directed to draft proposals for spot digital commodities and derivatives regulation under existing authority, even if the CLARITY Act stalls. This reflects a shift toward agency rulemaking as a primary driver of US crypto policy, rather than waiting for Congress.
Reports note the CFTCs preference for a single federal framework over a 50-state patchwork, and continued coordination with the SEC through joint projects on token classification and derivatives oversight. However, agency rules are less durable than legislation: they can be challenged in court, reversed by future commissions, or superseded if the CLARITY Act eventually passes.
Exchanges and trading venues should expect more detailed CFTC rule text on market structure, but also recognize that the regime could evolve again if Congress later enacts a comprehensive law.
3. Stablecoin Framework And Next Steps
The GENIUS Act, signed in 2025, already established the first federal foundation for payment stablecoins, and the Office of the Comptroller of the Currency (OCC) now aims to finalize its implementing rules by November 2026 based on that law. Draft rules cover reserves, redemption at par, liquidity, risk management, audits and supervision, with antimoney laundering handled in coordination with Treasury, and would govern how regulated banks and payment firms issue dollar-backed stablecoins.
Because stablecoins underpin most crypto trading and DeFi settlement, a finalized OCC rule will be a major inflection point for US-facing stablecoin products and for banks planning digital-asset charters. Key dates to watch include the November OCC deadline, the SECs Regulation Crypto Assets comment period through mid-late October, and the September Senate vote window on the CLARITY Act, which could yet hard-code a broader market structure.
A more regulated, bank-linked stablecoin layer is likely to emerge, improving clarity but potentially tightening issuer requirements and timelines for compliance.
Conclusion
US regulators are filling the gap left by a stalled CLARITY Act with their own crypto rulemaking on token fundraising, trading venues and stablecoins. If Congress ultimately passes a comprehensive market-structure bill, it will likely override or lock in parts of these agency frameworks; if not, Regulation Crypto Assets, CFTC market-structure rules and GENIUS Act stablecoin regulations will define the US crypto landscape, albeit with the risk that future administrations could revise them.
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