WASHINGTON, September 26 — The U.S. Securities and Exchange Commission has taken two separate regulatory steps in 2026 that could reshape how crypto companies operate across the United States, but the actions fall short of a blanket nationwide license. The bottom line: the SEC is carving out narrow federal pathways, not handing crypto firms a single pass that clears every state requirement. On September 17, the SEC established temporary conditional relief for certain venues trading tokenized NMS stocks and qualifying liquidity providers.
The relief is tied to a proposed five-year Innovation Exemption that would allow particular onchain trading models if firms meet specified conditions. That relief is limited in scope.
It applies to certain venues and qualifying liquidity providers, not to crypto businesses at large.
Regulation Crypto Assets Still Under Review
The nationwide preemption question stems from a separate proposal. Regulation Crypto Assets, proposed on August 18, remained under review in September. That proposal could preempt certain state securities registration requirements for covered transactions, potentially allowing qualifying issuers to avoid separate securities qualification processes in multiple states.
Certain secondary transactions could receive related protection. Investors will note what the framework does not do.
The SEC framework does not establish one universal license for every crypto business. Federal securities laws continue to govern securities offerings, regulated intermediaries, disclosures, and trading activities within the SEC’s jurisdiction, while states can separately enforce securities registration, qualification, antifraud, licensing, and other requirements. The proposed preemption would apply only within the defined scope of Regulation Crypto Assets and would not remove every state license requirement for crypto companies in the U.S., including money transmission and other state-level rules.
The SEC’s approach targets specific federal transactions rather than eliminating state authority.
Mixed Market Performance
Major cryptocurrencies showed mixed performance. Bitcoin traded at $77,666.00, up 0.76%. Ethereum stood at $2,518.27, up 0.17%.
BNB was at $723.92, up 0.19%. XRP rose 1.99% to $1.39.
Solana was at $101.41, up 0.41%. TRON slipped 0.23% to $0.3392. Dogecoin fell 0.18% to $0.0842.
Monero dropped 5.12% to $507.83. Chainlink declined 0.42% to $11.38.
Cardano gained 0.92% to $0.2088. Stellar rose 2.77% to $0.1847. Litecoin fell 0.31% to $53.90.
Uniswap was up 0.19% at $6.32. Avalanche rose 0.25% to $7.40. NEAR Protocol jumped 5.03% to $2.42.
Shiba Inu slipped 0.01% to $0.00000524. Polkadot gained 0.48% to $1.02.
PEPE fell 0.32% to $0.00000344. Cosmos was up 0.59% at $1.60. The regulatory shift follows years of debate over how to classify digital assets and which agency has authority over them.
The SEC’s proposed exemptions aim to provide clearer pathways for projects facing ambiguous securities treatment, allowing firms to use specific federal exemptions rather than forcing every qualifying token offering through traditional registration. Proposed preemption could also reduce duplicated state securities filings.
The overlap between federal and state oversight has complicated crypto regulation in the U.S. for businesses operating across several states. The SEC’s actions in 2026 represent a significant shift in U.S. crypto regulation, but not as broadly as a nationwide operating license. The temporary conditional relief for tokenized NMS stocks and the proposed Innovation Exemption remain limited in scope, and Regulation Crypto Assets is still under review.
No blanket exemption removes every state license for crypto companies in the U.S. The story was reported by Yuri Molchan on September 22, 2026. What to watch next: whether the five-year Innovation Exemption advances beyond its proposed stage, and whether Regulation Crypto Assets clears review with its preemption scope intact.
