SEC Gives U.S. Crypto Companies the Green Light to Operate Nationwide

U.S. crypto regulation underwent a significant shift in 2026, but not as broadly as a nationwide operating license. The SEC proposed federal offering exemptions, state-law preemption for covered transactions, and separate relief for tokenized stock trading.

What the SEC Announced in September 2026 On September 17, the SEC established temporary conditional relief for certain venues trading tokenized NMS stocks and qualifying liquidity providers.

A five-year Innovation Exemption would allow particular onchain trading models if firms meet specified conditions. Related: Bitcoin Is Back Above $85,000. Why Is BTC Rallying Despite the Fed and CLARITY Act?

Separately, the nationwide preemption issue stems from Regulation Crypto Assets, proposed on August 18, and still under review in September. That proposal could preempt certain state securities registration requirements for covered transactions.