SEC plans crypto rule changes for exchanges and broker dealers in 2026 regulatory agenda

The U.S. Securities and Exchange Commission is laying the groundwork for cryptocurrency rulemaking before the end of the year, with a blueprint to modify its rules for exchanges and broker dealers.

On Tuesday, the SEC released its 2026 Regulatory Agenda, which includes proposed changes from reducing compliance burdens for emerging companies to allowing companies to file reports twice a year to one of the agency's biggest regulatory priorities — crypto.

The SEC is considering proposing to amend a rule that requires brokers to maintain a minimum amount of liquid capital as well as another 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 aimed at addressing "the application of these rules to crypto assets," the agency said.

The SEC is also considering proposing new changes to its exchange rules.

"This proposal is necessary to help clarify the regulatory framework for crypto assets and provide greater certainty to the market, and in particular, providing clear rules of the road for the issuance, custody, and trading of crypto assets while continuing to discourage bad actors from violating the law," the agency said.

Over the past year since SEC Chair Paul Atkins took the helm, the agency has taken a friendlier approach to crypto and has taken an overarching stance that clearer rules are needed for crypto, including through more tailored rules and exemptions.

The shift represents a significant departure from the tenure of former SEC Chair Gary Gensler, during which the agency took a more cautious stance toward crypto, pursued enforcement actions against several major crypto firms, and maintained that many cryptocurrencies qualified as securities. Gensler’s approach drew criticism from industry participants and some lawmakers, who argued that the SEC relied too heavily on regulation through enforcement. Many of those enforcement cases have since been dropped.

One of Atkins' proposed changes to crypto rulemaking was reflected in the new regulatory agenda — rules that would clarify the agency's regulatory stance when it comes to selling crypto and could include safe harbors and exemptions. In March, the SEC joined its sister agency at the Commodity Futures Trading Commission in releasing guidance that asserted that most cryptocurrencies are not securities. It also included the agencies' thinking on when a digital asset would no longer be a security.

On Monday, the SEC said the proposed rule would bring clarity to crypto.

"The proposed rules may provide greater certainty to the market, facilitate capital formation, and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions," the agency said in the agenda.