SEC Proposes “Regulation Crypto Assets” Rulemaking - White & Case LLP

The U.S. Securities and Exchange Commission has proposed a new rulemaking framework, referred to as "Regulation Crypto Assets," according to law firm White & Case LLP. The proposal signals a formal step toward establishing a dedicated regulatory structure for digital assets, rather than relying solely on enforcement actions and existing securities law interpretations.

For market participants, the significance lies in the potential shift from case-by-case guidance to a defined rulebook. A formal rulemaking process typically includes a public comment period, during which industry stakeholders, investors, and legal experts can submit feedback before any final rule is adopted. That process can take months, and the proposal's terms may change along the way.

What to watch: the specific scope of assets and activities covered, how the framework interacts with existing securities registration requirements, and whether it clarifies or expands compliance obligations for exchanges, issuers, and intermediaries. Until a final rule is adopted, the current legal and regulatory landscape remains in effect.