The U.S. Securities and Exchange Commission has formally proposed "Regulation Crypto Assets," introducing two specialized exemptions from registration under the Securities Act of 1933. The framework establishes a Startup Exemption for offerings up to $5 million over four years and a Fundraising Exemption allowing up to $75 million annually, alongside a conditional safe harbor from the definition of an investment contract. Public comments on the rule proposal remain open through October 20, 2026.