SEC’s 2026 Agenda Signals Shift From Enforcement to Rulemaking for Crypto Brokers

The US Securities and Exchange Commission has set out proposed amendments to broker-dealer rules covering financial responsibility, recordkeeping and reporting for firms handling crypto assets, marking a formal shift towards rules-based oversight after years of enforcement-driven regulation under the agency’s previous leadership.

The proposals, filed under reference RIN 3235-AN48, form the centrepiece of the SEC’s 2026 rulemaking agenda and would reshape how crypto exchanges, alternative trading systems and custodians operate under federal securities law, according to Crypto Briefing.

Custody and trading venue rules under review

Beyond the broker-dealer amendments, the agenda contemplates changes to rules governing crypto trading on alternative trading systems and national securities exchanges, with custody standards also under consideration, the report said. No specific companies, tokens or protocols were named in the agenda documents.

The proposals remain at an early stage and will proceed through public comment periods before any rule is finalised, a process that in US securities regulation can leave a considerable gap between what is proposed and what ultimately takes legal effect.

Taxonomy and no-action relief precede the agenda

The rulemaking agenda follows two earlier moves by the regulator this year. On 17 March 2026, the SEC issued an interpretive release introducing a five-category taxonomy that sorts digital assets into digital commodities, collectibles, tools, stablecoins and securities.

Then, on 13 April 2026, SEC staff issued a conditional no-action position for what the agency terms “Covered User Interface Providers” — entities that supply front-end interfaces for crypto trading without necessarily executing trades themselves. Under the no-action letter, such providers can operate without full broker-dealer registration provided they meet specified conditions, according to Crypto Briefing.

A break from the Gensler-era approach

Under former Chair Gary Gensler, the SEC pursued an enforcement-heavy strategy, filing dozens of actions against crypto firms for operating as unregistered exchanges or selling unregistered securities, often without offering clear guidance on what compliance would require, the outlet noted.

The current agenda instead points towards an activity-based framework, distinguishing stablecoins and digital commodities from securities and creating defined lanes in which different categories of crypto business could operate without the constant threat of enforcement action.

Early industry feedback on the proposals has reportedly been cautiously positive, with market participants suggesting the measures could meaningfully support compliance efforts. Whether that optimism survives the formal comment process, and how closely any final rules track the current proposals, remains to be seen given the scale of the amendments under review.

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