By Elena Voss
Regulation Crypto Assets, as proposed, would create a path for certain investment contracts involving crypto assets. It is an offering regime. It is not a declaration that tokens have left the securities laws, and it does not settle the CFTC’s separate work on crypto trading.
The first question for an issuer is still factual. What was promised, to whom, and does the network’s current state match those promises? The Commission’s 2026 interpretive work on categories — digital commodities, collectibles, tools, stablecoins, and digital securities — is a sorting tool. It is not a label you can print on a website and rely upon.
Comment letters are worth writing if you have operating data: how transfers actually settle, who controls admin keys, what a buyer can and cannot do on day one. They are not worth writing if they repeat talking points the staff has already heard.
Firms in the middle of an exempt offering should not freeze. The proposal is not law. But they should write risk factors and process documents that will still be true if a version of this regime is adopted, including transfer restrictions that can be honored on-chain rather than only in a side letter.
We are advising clients to pick one narrative and keep it. A token cannot be a collectible in the white paper, a governance right in the pitch deck, and a cash-flow instrument in the token-holder agreement.
This note is general information, not advice about your facts. Read the disclaimer.