Tokenized securities and crypto asset custody become the focus? A deep dive into the SEC 2026 regulatory roadmap

On July 7, 2026, U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins officially released a statement on the SEC’s 2026 regulatory agenda, listing crypto asset custody, tokenized securities trading, IPO reform, and expanded access to the private markets as the core priorities for this year’s rulemaking. This is the first time the SEC has included crypto asset issuance, custody, and trading rulemaking as a systematic reform objective in its annual regulatory agenda, signaling a structural shift in the U.S. digital asset regulatory framework from “enforcement in place of regulation” to “making clear rules.”

According to the list of agency rules published by the SEC on reginfo.gov, all three crypto-related rulemaking projects have been marked “Proposed Rule Stage.” The target date for releasing the “Notice of Proposed Rulemaking” is “07/00/2026.” This means July 2026 is not only the month the agenda is released, but also a critical time window when the three core rules enter the formal proposal stage.

Meanwhile, the U.S. Congress is still deliberating crypto market-structure legislation such as the CLARITY Act. Parallel progress between regulators and the legislative branch is laying a new institutional foundation for the U.S. digital asset market.

Why the SEC chose to comprehensively shift crypto oversight from “enforcement-driven” to “rule-driven” in 2026

The SEC’s core policy shift in this agenda did not come out of nowhere. During former Chair Gary Gensler’s tenure, the agency largely relied on enforcement actions against the crypto industry—defining the scope of securities law through lawsuits and settlements rather than providing clear forward-looking guidance through rulemaking. This strategy drew broad criticism within the industry, and market participants generally believed there was no clear compliance path.

After Paul Atkins was sworn in as the 34th SEC Chair on April 21, 2025, the regulatory approach underwent a fundamental change. In March 2026, the SEC and the Commodity Futures Trading Commission (CFTC) jointly issued guidance clarifying that most crypto assets are not securities. This policy clarification set the groundwork for subsequent rulemaking.

In its agenda statement, the SEC explicitly said that the three core crypto rulemaking efforts aim to provide clear rules for the issuance, custody, and trading of crypto assets—to give the market greater certainty, to promote capital formation, and to accommodate innovation in the crypto assets market. Atkins framed this agenda as “embracing innovation and bringing more products back onshore,” aligning it with President Trump’s goal of making the United States the global hub for crypto capital.

How updates to crypto asset custody rules will affect the market-infrastructure landscape

Custody is one of the most critical components of the crypto asset market infrastructure and is also a core focus of this SEC agenda. According to the SEC agency rules list, the second item among the three crypto rulemaking efforts (RIN 3235AN48) focuses on revisions to broker-dealer capital rules, specifically addressing how net capital rules (15c3-1), customer protection rules (15c3-3), and recordkeeping rules (17a-3 and 17a-4) apply to crypto assets.

These rule revisions cover three core dimensions of custody services. The first proposed change would modify the minimum liquid capital standards brokers must maintain when holding or trading crypto assets. This means custody providers would need to allocate higher capital buffers for digital-asset holdings, which could drive industry consolidation—smaller custody firms lacking capital strength would face greater compliance pressure.

The second amendment targets customer asset protection rules in the event of a broker’s bankruptcy. In traditional securities markets, there are well-established legal frameworks separating customer assets from broker-owned assets, but crypto assets introduce unique risks and exposures in the digital-asset context—decentralized characteristics, private-key management, and distinctive on-chain asset risk profiles—making the current rules difficult to apply with certainty.

The third item focuses on recordkeeping rules, tailoring recordkeeping standards for crypto assets to their on-chain, decentralized, tamper-resistant characteristics. This includes issues such as the auditability of on-chain transaction data, timestamp verification, and tracking cross-chain assets.

Notably, SEC Commissioner Hester Peirce recently also issued a statement on the legal status of crypto “machine gun pools” (vaults), suggesting that on-chain asset-management strategies may already fall within the scope of federal securities law. The currently selected crypto vault assets total about $8.75 billion, covering 811 products operated by 110 companies. This indicates that updates to custody rules may not be limited to traditional broker-dealers, and could extend to the compliance framework for on-chain asset-management agreements.

How the regulatory framework for tokenized securities will move from classification guidance to systematic rules

Tokenized securities are another core topic in the SEC’s 2026 agenda. On January 28, 2026, the SEC’s Division of Corporation Finance, the Division of Investment Management, and the Division of Trading and Markets jointly issued the “Tokenized Securities Statement,” for the first time systematically clarifying the applicability of federal securities laws to tokenized securities.

The statement divides tokenized securities into two broad categories. The first category is issuer-led tokenized securities—where the issuer or an authorized party directly issues or records the securities in the form of crypto assets. Their legal attributes, registration, and information-disclosure obligations are consistent with traditional securities, and the fact that the securities are on-chain does not change the applicability of securities law. The second category is third-party-led tokenized securities—where tokenization is performed by institutions unrelated to the issuer. These products may introduce additional counterparty risk and bankruptcy risk, and in some cases may apply stricter securities-type swap regulatory rules.

This classification framework provides baseline legal certainty for market practice involving tokenized securities. Building on that, the SEC’s “Crypto Assets” rulemaking project in the agenda (RIN 3235AN38) will further regulate offers and sales of digital assets, potentially incorporating various exemptions and safe-harbor arrangements.

The significance of a safe-harbor framework is especially major. For early crypto projects, there has long been a lack of clear paths for how to conduct token issuance and raise capital over the long term under compliance conditions. This agenda explicitly proposes safe-harbor and exemption mechanisms for the issuance and sale of crypto assets, meaning early-stage projects may gain clearer compliance routes.

From market practice, the implementation of tokenized securities is accelerating. In April 2026, the New York Stock Exchange was approved to begin trading tokenized versions of certain stocks alongside traditional shares. Jamie Selway, head of the SEC’s Division of Trading and Markets, has also confirmed that the division is developing a framework for listing and trading tokenized securities. As the regulatory framework becomes clearer step by step, it is pushing tokenized securities from concept validation toward large-scale applications.

Institutional logic behind the July target date for market-structure amendments and its industry impact

Among the three crypto rulemakings in the SEC’s 2026 agenda, the most eye-catching is “Crypto Market Structure Amendments” (RIN 3235AN49). The rule aims to amend rules under the Securities Exchange Act, adjusting crypto-asset trading on alternative trading systems and on national securities exchanges.

The SEC said the market-structure plan is designed to “help clarify the regulatory framework for crypto assets and provide greater certainty to the market,” while also “providing clear rules for the issuance, custody, and trading of crypto assets.” This framing covers an end-to-end regulatory framework spanning from primary-market issuance to secondary-market trading.

Key issues in the market-structure amendments include: redefining which digital-asset trading platforms should fall under ATS requirements; how brokers can provide crypto-asset services legally; and how crypto-asset trading platforms can operate compliantly under federal securities laws. Resolving these issues will directly determine the legal status and operating model of centralized crypto exchanges in the United States.

The July target date is significant in the time dimension. While July is still a target timeframe rather than a formal filing date, the published schedule itself already sends a clear signal to the market—the SEC is turning crypto regulation from abstract discussion into a concrete rulemaking process.

At the same time, the legislative process in Congress is advancing in parallel. Market-structure legislation such as the CLARITY Act remains under consideration in the Senate, and lawmakers have set August 7 as the deadline for taking action before the summer recess. With both regulatory rules and legislative efforts moving forward, the summer-to-fall transition of 2026 may become a critical window for the U.S. crypto asset regulatory framework to take shape.

From a more macro perspective, this agenda also covers IPO reform and expanded access to the private markets. IPO reform aims to reverse the trend of a steady decline in the number of public companies by reducing compliance burdens; private-market access plans to expand retail investor participation. Although these two reforms are not directly targeted at crypto assets, they are closely tied to the development of tokenized securities—more flexible capital-market structure will provide broader institutional space for the issuance and trading of tokenized securities.

How moving rules from proposal to implementation will affect the logic of crypto market operations

The impact of the SEC’s 2026 agenda will unfold along three main lines.

In the short term (the second half of 2026), the July target date means that the three proposed rules are likely to be formally published soon and enter a period for public comment. Market participants will have the opportunity to participate in the rulemaking process through feedback, and the final versions of the rules may be adjusted based on industry input. The uncertainty at this stage mainly comes from the specific content of the rules—the SEC has not yet released the proposed rule text, and there are major disagreements in market expectations about the details.

In the medium-to-long term (2027 and beyond), implementation of the rules will drive structural changes in the crypto asset market. Clearer custody rules will promote the development of institutional-grade custody services and attract more traditional financial institutions into the digital-asset space. The regulatory framework for tokenized securities will provide a legal foundation for tokenizing traditional assets on-chain, accelerating large-scale on-chain deployment of real-world assets. Clarifying the market structure may prompt existing crypto trading platforms to undergo compliance upgrades, or spur the creation of new compliance-focused trading systems.

From the standpoint of market structure, the synergy among the three rules is worth watching. Issuance rules (Crypto Assets) provide a compliance path for the primary market; custody rules (broker-dealer rule amendments) provide institutional safeguards for asset safety; and market-structure rules (ATS amendments) provide a legal framework for secondary trading. Together, they form a complete regulatory closed loop from issuance to custody to trading.

However, rulemaking is only the first step. The SEC agenda sets priorities rather than final rules, and its actual impact will depend on the commission’s specific proposals, implementation details, and safeguards for issuers, investors, and market participants. Moving from proposal to final implementation still requires processes such as soliciting public comment, revising, and formally adopting the rules. The timeline and the final content remain uncertain.

Industry challenges and institutional power dynamics that cannot be ignored in the process of modernizing the regulatory framework

Although the direction of the SEC’s 2026 agenda has been broadly welcomed by the industry, multiple challenges remain during the specific rollout.

First is time pressure in rulemaking. Even though the July target date is clearly stated, advancing all three rules at once puts high demands on the SEC’s rulemaking capacity. From the release of a proposal to adoption of a final rule typically takes months or longer, while market participants must continue operating under the existing legal framework during that period.

Second is coordination between the rules. The SEC’s three crypto rules cover three stages—issuance, custody, and trading—but their linkages and boundaries still need to be clarified. For example, how issuance rules for tokenized securities connect with market-structure rules for trading venues, and how custody rules apply to different types of crypto assets (securities-type vs non-securities-type) all need to be addressed in the rulemaking process.

Third is coordination among regulators. The SEC and CFTC already reached consensus in March that most crypto assets are not securities, but there may still be boundary disputes regarding the classification of specific assets and how regulatory authority is divided. As tokenized securities develop, more assets will simultaneously exhibit securities attributes and commodity attributes, putting pressure on inter-agency coordination mechanisms.

Fourth is the factor of international regulatory competition. The EU’s Markets in Crypto-Assets Regulation (MiCA) has been fully implemented in 2026, providing a complete regulatory framework for digital assets. The SEC agenda’s phrasing about “bringing more products back onshore” reflects the urgency of the United States in the global crypto regulatory race. Modernizing the regulatory framework is not only a domestic policy issue—it also affects the United States’ competitiveness in global digital asset markets.

Finally, the SEC agenda’s progress also faces variables from congressional legislation. If market-structure legislation such as the CLARITY Act is passed, it could directly affect the SEC’s rulemaking—legislation may provide the SEC with clearer statutory authority, and it may also overlap with or conflict with the SEC’s rules on certain provisions. The interaction between regulation and legislation will be an important dimension to watch.

Summary

The SEC’s 2026 regulatory agenda marks a historic shift in the U.S. crypto asset regulatory framework from enforcement-driven to rule-driven. Three core rules—crypto asset issuance and sales (including safe harbors), amendments to broker-dealer capital and customer protection rules, and amendments to crypto asset market structure—together form a complete regulatory closed loop spanning from primary-market issuance, through asset custody, to secondary-market trading. With July as the target date for proposed rules, the process gains a clear temporal reference point.

At the custody layer, updates to capital requirements, customer asset protection, and recordkeeping rules will establish a new set of compliance standards for digital-asset custody services. At the tokenized securities layer, the January 2026 classification guidance has already given the market a baseline legal framework, and the safe-harbor proposals in the agenda will further provide clear pathways for the issuance and sale of crypto assets. At the market-structure layer, amendments to ATS rules will provide an institutional foundation for compliant operation of crypto trading platforms.

However, rulemaking is not the endpoint. Moving from proposal to final implementation still requires procedures such as soliciting public comment, revising, and formally adopting the rules. Timelines and final content remain uncertain. Coordination among regulators, progress on congressional legislation, and the state of international regulatory competition will all influence the eventual outcome.

What can be confirmed is that July 2026 is becoming a key turning point for the modernization of the U.S. crypto asset regulatory framework. For market participants, understanding the direction of the rules, providing feedback during the rulemaking process, and preparing for the rules’ final implementation will be the core issues over the coming period.

Frequently Asked Questions (FAQ)

Q: What specific rules related to crypto assets are covered in the SEC’s 2026 regulatory agenda?

The SEC’s 2026 agenda includes three crypto-related rulemaking projects: crypto asset issuance and sales rules (RIN 3235AN38, potentially including safe-harbor and exemption arrangements), amendments to broker-dealer capital and customer protection rules (RIN 3235AN48, covering net capital, customer asset protection, and recordkeeping rules), and amendments to crypto asset market structure (RIN 3235AN49, targeting ATS and crypto-asset trading on national securities exchanges).

Q: What exactly does the “July target date” refer to?

All three crypto rules in the SEC’s agency rules list show the target date for releasing the “Notice of Proposed Rulemaking” as “07/00/2026.” This means the SEC plans to push the three rules formally into the public comment stage in July 2026. As of now, July is a target timeframe rather than a formal rule submission date.

Q: How is regulation of tokenized securities different from traditional securities?

Based on the “Tokenized Securities Statement” released by the SEC in January 2026, tokenized securities are divided into two types: issuer-led tokenized securities, whose legal attributes, registration, and information-disclosure obligations align with traditional securities; and third-party-led tokenized securities, which may introduce additional counterparty risk and bankruptcy risk, and in some cases may apply stricter securities-type swap regulatory rules. Overall, the on-chain form itself does not change the legal attributes of the securities.

Q: What does the update to crypto asset custody rules mean for the industry?

The custody rule updates mainly involve three areas: capital requirements for broker-dealers, customer asset protection, and recordkeeping. Stricter capital requirements could drive industry consolidation; clarifying customer asset protection rules would provide greater asset-safety assurances for institutional investors; and recordkeeping rules tailored to blockchain characteristics would establish standards for the auditability of on-chain assets.

Q: What is the safe-harbor framework in the SEC’s agenda?

The safe-harbor framework is an exemption mechanism the SEC is considering for the issuance and sale of crypto assets. Its goal is to provide a clear compliance path for early crypto projects, while protecting investors and promoting innovation and capital formation. The specific safe-harbor provisions and applicable conditions will be further clarified in the proposed rules.