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FollowingThe U.S. Securities and Exchange Commission will vote on Friday on whether to propose a new issuance framework for crypto-asset investment contracts
The U.S. Securities and Exchange Commission (SEC) will vote on Friday on whether to propose a new issuance framework specifically for specific investment contracts involving crypto-assets. The public meeting is scheduled to be held at 10 a.m. EST on August 14 at the SEC's Washington headquarters. The public can participate through the agency's live webcast. The company's finance department will submit the proposal to members. If approved, the framework will enter a formal rule-making process rather than new requirements that will take effect immediately.
SEC targets issuance of investment contracts for crypto assets
This proposal is the next stage in the SEC's efforts to distinguish the crypto assets themselves from the investment contracts generated during their sales process. An explanatory document in March clarified several crypto asset classes and clarified that when non-securities tokens are sold with key management effort commitments that constitute an investment contract, the token may still be subject to federal securities laws. When these commitments have been fulfilled or are no longer reasonably related to the asset, the relationship can then be dissolved. The upcoming rules will address the issue of how issuers actually issue when investment contracts do exist.
SEC Chairman Paul Atkins has outlined possible paths, including principled disclosures tailored to crypto projects, limited fundraising exemptions, and safe harbors for investment contracts. One model could allow eligible issuers to provide information similar to encryption white papers, rather than applying every disclosure requirement designed for traditional public companies.
Crypto Project shifts from guidance to rulemaking
This vote advances the broader "Crypto Project" initiative, which aims to modernize securities rules for on-chain markets. The plan covers token distribution, trading, custody, tokenization and other activities that are difficult to fully integrate into existing securities market rules. Commissioner Hurst Pierce has separately elaborated on how crypto custody and on-chain lending arrangements may constitute investment contracts, depending on how they are structured and managed.
Atkins had identified a tailor-made issuance system as a priority for the "crypto project" months before the August meeting, and also included exemptions aimed at providing crypto companies with a clear path to access regulated U.S. capital markets.
Approval will initiate a public rulemaking process
If the August 14 vote is successful, it will authorize the release of the proposed rules, which will then enter a public comment period before members can consider the final version. The SEC's proposed rule usually requires economic analysis, industry feedback and revisions before a final adoption vote can be taken. Institutional processes are advancing, while broader market structure legislation remains pending. The bill still faces difficult progress in the Senate, allowing the SEC to leverage its existing securities law authority while Congress holds broader discussions on the division of responsibilities among federal regulators.
Commissioners will review proposals for crypto-asset issuance on Friday, August 14, at 10 a.m. EST, with the meeting open to the public in Washington and providing online participation channels.
