Proposed Regulation Crypto Assets (17 CFR Part 228; 91 FR 54510, 21 August 2026, comments to 20 October 2026) would add two Securities Act exemptions for 'covered investment contracts' (a non-security digital asset subject to an investment contract): a startup exemption for up to $5 million over four years and a second exemption for up to $75 million per 12 months with an offering statement, financial statements and periodic reports until a transition report, both with principles-based narrative disclosure, antifraud liability and suspension powers; and a safe harbor (proposed Rule 400) deeming the investment contract ended once the issuer has completed or permanently ceased all promised essential managerial efforts, makes no new promises and files a transition report on Form TR. It creates no obligation until adopted.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.