SEC Crypto Rules Advance as Bitcoin Reserve Faces Legal Review

SEC Plans Broker-Dealer and Exchange Rule Changes

The broker-dealer changes under review include amendments to rules requiring brokers to maintain a minimum amount of liquid capital. The SEC is also reviewing amendments to customer-protection rules designed to protect client assets if a broker becomes insolvent, along with changes to broker-dealer recordkeeping rules. All three broker-related changes are aimed at addressing “the application of these rules to crypto assets,” according to the agency.

The regulatory agenda reflects a wider shift under SEC Chair Paul Atkins, who has taken a more crypto-friendly stance than former SEC Chair Gary Gensler. Gensler’s SEC pursued enforcement actions against several major crypto firms and argued that many crypto assets qualified as securities. That approach drew criticism from industry participants and lawmakers who said the agency relied too heavily on regulation through enforcement. Many crypto enforcement cases from that period have since been dropped.

The SEC and the Commodity Futures Trading Commission issued joint guidance in March 2026 saying most cryptocurrencies are not securities. That guidance also addressed when a digital asset would no longer be treated as a security, a distinction that matters for determining when a token may move outside SEC securities oversight.

The SEC said Monday, July 6, 2026, that proposed crypto rules could bring more clarity to the market. The agency said the rules “may provide greater certainty to the market, facilitate capital formation, and accommodate innovation within the crypto asset markets.” The SEC also said the rules are intended to protect investors by ensuring they receive the information needed “to make informed investment decisions.”

A separate SEC agenda update shows the agency plans to introduce its long-awaited crypto rulemaking as soon as July 2026. The proposal would then move into a public-comment period, meaning the rules would not take effect immediately. The proposed rulemaking is described as a step toward a regulatory safe harbor for certain crypto-related activity in the United States.

The planned rules would govern the offer and sale of crypto assets and include “certain exemptions and safe harbors” for various types of on-chain financial activity. The agenda update is described as the clearest signal so far that the SEC is preparing to formally unveil its “Regulation Crypto” proposal. Atkins had teased Regulation Crypto for months and initially said it would be rolled out in January 2026, but the timeline slipped.

The proposed exemptions could give crypto companies assurance that activity in certain areas, including tokenized securities and DeFi, would not trigger SEC enforcement action. Atkins said Tuesday that the SEC is acting to support President Trump’s goal of making the United States “the crypto capital of the world.”

“To deliver on President Trump’s goal to ensure that the United States is the crypto capital of the world, we are embracing innovation to bring more products onshore, creating clear rules of the road for capital raising with crypto assets, and providing clarity as to how market participants can custody and facilitate trading of tokenized securities onchain,” Atkins said.

Atkins said in March 2026 that a crypto safe harbor could apply to startups worth up to $5 million that want to experiment with crypto assets during their first four years. Atkins also said the safe harbor could apply to entrepreneurs raising up to $75 million through investment contracts involving certain crypto assets, and to certain crypto assets after their creators have ceased all essential managerial efforts.

Atkins previously said uncertainty around the CLARITY Act affected the SEC’s rollout of its own crypto rules. The CLARITY Act is described as a sweeping bill that would legalize most crypto activity in the United States. The bill has faced more than a year of delays and false starts, and stakeholders broadly agree that if it does not pass by August 2026, it is unlikely to become law this year because of the looming November midterm elections.

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Bitcoin Reserve Plan Faces Legal Questions

President Donald Trump’s Strategic Bitcoin Reserve plan is facing legal review over which federal entity can hold government-owned BTC. Bloomberg reported that officials are questioning whether the U.S. Treasury has clear legal authority to manage the reserve. The reserve was originally expected to sit under the Treasury, but officials are reviewing other structures because Bitcoin does not fit standard reserve models.

The legal review concerns whether existing federal law allows the Treasury to hold and manage Bitcoin as a government asset. The Treasury normally manages major federal financial assets and reserve-related matters, but Bitcoin raises custody, control, transfer, reporting and security questions because it can move directly between wallets. The review has slowed the final structure of the Strategic Bitcoin Reserve.

The Justice Department’s Office of Legal Counsel is working with agencies on a legal path for the reserve. The Justice Department’s review may help determine which agency can legally manage government-owned BTC. The Commerce Department is being considered as an alternative home for the Strategic Bitcoin Reserve while Treasury authority remains unclear.

Any final Strategic Bitcoin Reserve plan would need clear custody rules for BTC. A final plan would also need controls for Bitcoin transfers, reporting standards and security procedures. No final framework has been confirmed, and agencies are still working through legal and operational questions.

Wu Blockchain posted that, according to Bloomberg, the Trump administration’s plan to establish a Strategic Bitcoin Reserve had encountered legal and bureaucratic hurdles. Wu Blockchain said the reserve was originally intended to be managed by the Treasury. The White House has also confirmed work on a broader U.S. Digital Asset Stockpile, which is separate from the Strategic Bitcoin Reserve discussion.

The Digital Asset Stockpile may include other major crypto assets besides BTC. The update names XRP, SOL and ADA as assets discussed for the stockpile, and says President Trump included those assets in 2025. The structure for holding those non-BTC assets is also under review.

Trump Accounts Leave Bitcoin Door Open

The Trump Accounts program launched on July 4, 2026, under the One Big Beautiful Bill Act. Trump Accounts are tax-advantaged savings vehicles for children. During the Oval Office launch ceremony, President Trump rang the opening bells of both the NYSE and Nasdaq simultaneously, the first time the opening bells of both exchanges had ever been rung from the White House.

When asked whether Bitcoin could eventually be included in Trump Accounts, Trump left the door open and described himself as a major supporter of crypto. Trump acknowledged that he had not always supported crypto and said China’s growing interest in the sector helped change his perspective.

“I realized there are a lot of people love crypto and even me as a businessman, I’d see a lot of money starting to come in with Bitcoin,” Trump said. “Crypto has a tremendous audience. So, yeah, I’m very much for crypto.”

COIN360 data cited for market context showed Bitcoin price moved back above $60,000 during the week of Trump’s remarks after a period of pressure tied to rising Treasury yields and institutional outflows. BTC price remained roughly 50% below its all-time high of $126,000 set earlier in the cycle.

Trump’s crypto comments came alongside a broader administration record that includes the Strategic Bitcoin Reserve, the GENIUS Act for stablecoins and eased SEC enforcement.