October 20, 2026
Today, the National Cryptocurrency Association (NCA) submitted comments to the U.S. Securities and Exchange Commission, the federal agency that oversees securities markets and protects investors, on its proposed Regulation Crypto Assets, backed by new research on what crypto holders want from new token offerings.
What the SEC proposed
The SEC’s proposal would create new ways for crypto projects to raise money without full SEC registration:
A startup path: up to $5 million over up to four years, with plain-language disclosures.
A fundraising path: up to $20 million a year (Tier 1) or $75 million a year (Tier 2), with SEC review, financial statements, and ongoing reporting.
A safe harbor: a defined process for when a token is no longer treated as part of an investment contract.
The SEC invited public comment, with a focus on data about investors, market size, and economic impact.
What our research found
To bring everyday holders into the process, NCA commissioned a Harris Poll survey of more than 1,000 U.S. crypto holders and an economic analysis by Pragmatic Policy Group. Key findings include:
Half of new-offering participants reported losing money in the past 12 months to hacks, abandoned projects, or fraud, with much of this activity happening through unfiled sales and offshore structures.
Fewer than half (48%) feel confident that the information available today is enough to make informed decisions.
80% of holders say standardized information about new offerings would help them make more informed decisions and an near equal percentage say clear SEC rules would increase their confidence.
What NCA shared
NCA’s comments focus on helping everyday investors stay informed and protected:
Plain-language disclosures that lead with the risks investors care about most, like fraud and security.
Information where buyers actually look, in addition to SEC filings.
Fair access for everyday investors to new token offerings that come with disclosure and protections, plus clear ways to reach issuers if something goes wrong.
Prompt updates when security incidents or other major changes affect a project.
NCA also encouraged the SEC to use its research in the final economic analysis and welcomed the opportunity to discuss it further
Read the full letter below.