US issues nine crypto rules, seeks custody and clearing paths

U.S. regulators issued nine crypto actions between Aug. 18 and Oct. 1 covering fundraising, custody, trading, clearing and recordkeeping. The actions include proposals, staff guidance, exemptions, a no‑action position and a clearing registration.

The SEC issued Regulation Crypto Assets on Aug. 18 to create an offering regime for certain crypto investment contracts. The proposal includes exemptions up to $5 million over four years and $75 million in a 12‑month period, plus a conditional safe harbor; public comments were due Oct. 20. On Sept. 1 the SEC proposed changes to transfer‑agent rules to permit electronic and blockchain‑based recordkeeping and uncertificated securities. SEC Corporation Finance published FAQs on Sept. 25 and updated them on Sept. 28 outlining staff views on token functionality, decentralization, staking receipt tokens, marketing, continued network development, buybacks and secondary‑market promoters.

Regulatory actions affecting trading and infrastructure followed on Sept. 17, when the SEC granted a five‑year Innovation Exemption allowing qualifying Tokenized Securities Venues to trade tokenized national market system stocks through permissioned automated market makers and liquidity pools, with conditional dealer relief for certain liquidity providers. The same day CFTC staff issued a no‑action position covering passive software providers that connect users to registered futures firms and markets. On Sept. 24 the CFTC updated FAQs to address customer‑funded investments in tokenized forms and the use of blockchain for records. On Sept. 28 the CFTC registered Coinbase Clearing LLC as a derivatives clearing organization permitted to clear fully collateralized futures, options on futures and swaps.

On Oct. 1 the SEC proposed a custody framework for registered investment advisers, registered investment companies and other regulated funds. The proposal would permit limited self‑custody, recognize state trust companies as custodians for client and fund crypto assets, and expand regulated funds’ access to crypto‑related strategies. SEC Chairman Paul Atkins described it as “a compliant custody path where none existed before.” The custody proposal carries a 60‑day comment period after Federal Register publication and would remain conditional until finalized.

Four items are effective now: the Innovation Exemption, the CFTC passive‑software no‑action relief, the CFTC FAQ updates for covered registrants and Coinbase Clearing’s registration. Regulation Crypto Assets, the transfer‑agent proposal and the custody proposal require final rules before market participants can rely on them. The CFTC market framework, listed as RIN 3038‑AF80, entered White House review on Sept. 17 and is unpublished. The CLARITY Act, a Senate bill to allocate authority between the SEC and CFTC, failed to advance on Sept. 15 by a 49‑50 vote.

Bitcoin traded near $84,600 after the package of actions. Citi raised its 12‑month Bitcoin forecast to $113,000 from $82,000, citing ETF inflows and gradual adviser and brokerage allocation growth. An August survey of digital‑asset managers found average institutional allocations at 1.2%, the first increase since a selloff in October 2025, and identified regulation as the top concern among respondents.

If the SEC proposals reach final form and the CFTC market framework is published, issuance, trading, collateral, clearing and custody could be governed under an aligned set of rules. If those proposals are delayed, litigated or remain unpublished, market participants will continue to rely on existing exemptions, no‑action letters and staff guidance.