On 18 August 2026 the SEC proposed Regulation Crypto Assets. The two registration exemptions are conventional plumbing. The novel provision is a conditional safe harbor from the term 'investment contract' in both the 1933 and 1934 Acts, which would convert 'is this a security?' from a permanent status into a lifecycle question with a defined endpoint. A third provision would preempt state blue-sky registration for these offerings and certain secondary trades. It is a proposal in a 60-day comment window, not law.
Draft body lives in the Content JSON property.
Under this proposal, in effect yes — and that is the novel part. If an issuer certifies to the Commission that it has completed or permanently ceased the essential managerial efforts it promised, and meets the other conditions, the asset would be deemed not subject to an investment contract for the purposes of the 1933 and 1934 Act security definitions. Until now there was no defined endpoint at all.
DrafterDaily reads the primary documents so the argument is about what the rule says, not what the headline said. Crypto policy analysis, daily.
Follow the crypto beatA race condition between the display logic and the signing buffer breaks the one promise a hardware wallet exists to make — that what the screen shows is what the key signs — without breaking any cryptography at all.
$26 billion. $31 billion. $38.17 billion. Tokenized Treasuries at $6.8bn, $12.88bn, $15bn, $16.21bn. All published in 2026, all defensible, none reconcilable without knowing the date and the definition.
Staking participation hit a record 33.98% of ETH supply this month. Six researchers, including the Ethereum Foundation's Justin Drake, are proposing to burn validator rewards to zero if it reaches 50% — and their argument is not about yield.