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Years of enforcement-led crypto policy at the federal level may be giving way to formal rulemaking.
A Friday Securities and Exchange Commission meeting on digital-asset regulation could mark the start of that shift, according to TD Cowen, with a token safe harbor emerging as the likely first item on any new regulatory agenda.
TD Cowen's read on the Friday session The investment bank described the session as potentially "pivotal," a characterization that carries weight because rulemaking, once begun, generates a public record and a formal obligation to respond to industry comment.
TD Cowen indicated that a token safe harbor would be the probable opening chapter of the process, a mechanism designed to give blockchain projects a defined legal window before full securities registration requirements apply.
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