Author: Shenchao TechFlow
On October 20, 2026, the U.S. Securities and Exchange Commission (SEC) will officially close the public comment period for its proposed regulatory rule "Regulation Crypto Assets" this Tuesday.
Since the proposal was launched in August, during the 60-day public comment period, the SEC has received a total of approximately 140 feedback submissions from industry institutions, legal scholars, and investors, including 6 anonymously submitted documents.
Safe Harbor Provisions and Small-Scale Offering Exemptions Become the Focus
In the feedback for this comment period, the core demands of crypto-native institutions and the legal community are highly concentrated on the exempt safe harbor mechanism and the registration exemption rules for token offerings within specific financing thresholds.
Previously, multiple decentralized organizations, including the Hyperliquid Policy Council, had submitted formal official letters calling for the exclusion of no-consideration airdrops, early protocol development, and programmatic buybacks from the jurisdiction of securities law.
The industry generally believes that the current traditional securities disclosure framework is difficult to apply directly to decentralized networks, and regulators urgently need to establish a clear compliance buffer channel for smart contracts and distributed collaboration.
Cross-Regional Regulatory Alignment and Divergences in Concept Definition
The European compliance industry alliance MiCA Crypto Alliance expressed overall support for the revised disclosure requirements in its comment letter, while emphasizing the importance of unified terminology definitions.
The alliance formally recommended that the SEC further define technical concepts and underlying data structures unique to crypto assets, to avoid unnecessary friction costs for on-chain innovation caused by continuing to use traditional financial definitions.
With the official closure of this public comment window, the SEC will next enter a months-long phase of comment evaluation and draft revision, and the final version will profoundly shape the future competitive and cooperative landscape of cross-market crypto regulation between the United States and Europe.
