SEC launches Project Crypto for clear rules on cryptocurrencies.

• SEC creates Project Crypto to classify cryptocurrencies.
• Rules replace a model based on law enforcement.
• Integration with CFTC defines jurisdiction over tokenized assets.

The U.S. Securities and Exchange Commission (SEC) has introduced "Project Crypto," a proposal that aims to reshape cryptocurrency regulation in the country. Led by the Division of Corporate Finance, under the direction of James Moloney, the initiative was announced on February 13, 2026, and signals a shift in the treatment of digital assets.

The proposal replaces the previous approach, focused on legal proceedings and enforcement measures, with a structured model based on pre-defined rules. The goal is to reduce interpretive disputes and provide clear parameters for issuers, investors, and market intermediaries.

The Crypto Project also seeks alignment with the Commodity Futures Trading Commission (CFTC), strengthening coordination between the two agencies. The intention is to more objectively define jurisdiction over a tokenized asset market estimated at around US$2 trillion.

One of the pillars of the proposal is the creation of a taxonomy divided into four categories. The first includes digital commodities, which do not generate profit expectations associated with managerial efforts and tend to fall under the supervision of the CFTC.

The second category involves digital collectibles, such as certain NFTs, which are not structured as investment contracts. The third category encompasses digital tools, composed of tokens with a utilitarian focus on decentralized networks.

Finally, the model includes tokenized securities, which represent traditional financial instruments registered on blockchain infrastructure and remain under the direct supervision of the SEC. This division aims to replace fragmented, case-by-case decisions made in courts.

Another central point of the Crypto Project is the development of interpretative guidance to determine when a token should be treated as an investment contract. In parallel, the SEC is studying a "Decentralization Exit Mechanism," allowing certain tokens to cease being considered securities when networks achieve sufficient decentralization and the issuer's management efforts cease.

For assets that continue to be classified as securities, the Commission plans to propose simplified compliance rules for issuance and trading in the secondary market. The idea is to adapt requirements to the specific characteristics of cryptocurrencies.

In addition to the specific changes for cryptocurrencies, Director Moloney indicated broader reforms to corporate reporting. These include the option for companies to publish their results semi-annually, as well as the implementation of new automatic reporting rules for executives of foreign issuers.

Also under study is an experimental regulatory environment that would allow for the testing of financial products under supervision, with less immediate exposure to sanctions. Project Crypto marks a turning point in the SEC's regulatory philosophy, prioritizing objective classification criteria instead of reactive actions based solely on litigation.