The SEC Plans to Issue Crypto-Friendly Rules, While Stablecoins Move $1.79 Trillion in a Month

The Securities and Exchange Commission (SEC) announced it wants to release new crypto regulations that would make life easier for digital asset ventures in the US. Also, stablecoin adoption continues to thrive, with transaction volumes hitting a new all-time high in June. 

TL;DR

• The SEC is about to publish "Regulation Crypto," a first-of-its-kind rulemaking that would exempt crypto startups from full securities registration for up to four years, allow up to $75M in fundraising, and create a safe harbor for tokens whose founders have stepped back.

• Stablecoins moved $1.79 trillion in June alone, up 63% month-over-month and 125% year-over-year. 

The SEC Is About to Rewrite the Rules for Crypto Startups 📋

For years, the loudest complaint from anyone building or investing in crypto has been the same one: the SEC won't tell us what the rules are.

It looks like that’s about to change.

On July 7, the SEC signaled it would release its "Regulation Crypto" proposal as soon as this month. Chair Paul Atkins tied the effort to President Trump's goal of making the United States the "crypto capital of the world." This is the first major crypto rulemaking under the new SEC leadership, and it lands in the same week the CLARITY Act stalled in the Senate over stablecoin yield and DeFi oversight disputes.

Three components of the proposal actually matter.

A four-year startup exemption: A new crypto project wouldn't have to register with the SEC immediately. It would get up to four years of temporary exemption to build out its network while making the required disclosures to investors.

A $75 million fundraising pathway: The proposal would create a specific exemption for entrepreneurs seeking to raise up to $75 million over a 12-month period through investment contracts involving certain crypto assets. That's enough to fund the launch of a promising crypto venture. 

An investment contract safe harbor: Under the proposed safe harbor, once an issuer has "completed or permanently ceased all essential managerial efforts," which means the founders have stepped back and the network runs on its own, the token would receive a codified, rule-based confirmation that it's no longer an investment contract subject to SEC jurisdiction.

Read that last one twice. For years, the industry has argued that decentralized tokens shouldn't be treated as securities forever. The SEC chair has now signaled support for a rule-based path, and it's about to formalize that agreement as a rule.

This is what I've been telling my TradFi friends will happen for years. Whether the CLARITY Act passes the Senate before the August 7 recess or not, the SEC is now doing what a regulator should. It’s writing clear rules for the industry it oversees.

Watch the SEC's meeting calendar over the next three weeks. The Federal Register notice is what actually starts the clock. 🤓

Stablecoins Just Moved $1.79 Trillion in a Single Month 💵

Next to Wall Street Bitcoin adoption and the tokenization of real-world assets, stablecoin adoption has been another major story of this market cycle. 

Stablecoins processed $1.79 trillion in adjusted transaction volume in June 2026. That is a record. It is up 63% from May's $1.1 trillion, and up 125% year-over-year.

The data comes from Visa's own onchain analytics dashboard, built with Allium Labs, Artemis, and Castle Island Ventures. Visa maintains a live dashboard tracking stablecoin volume. That single fact tells you where the payments industry has landed on this technology.

$1.79 trillion is roughly $60 billion per day in stablecoin activity, which is about a third of Visa's global card payment volume over a comparable window. That’s big!

While I would love to see the world transact in Bitcoin because it’s the best money ever created, the most likely scenario is that large parts of digital payments will be processed in both Bitcoin and stablecoins in the future.

Especially in emerging markets with weakening currencies, transacting in digital dollars via stablecoins just makes sense.

Elsewhere in Bitcoin 📖

A quick look at what else has been happening in Bitcoin:

• Metaplanet crosses 43,000 BTC and becomes the world's third-largest corporate Bitcoin holder

• The CLARITY Act stalls in the Senate as three disputes push the August 7 recess deadline into doubt

Your fellow stacker in sats, 

Patrick Lowry

PS: If you want to see how the value of goods and services changes when priced in Bitcoin, check out the Samara Bitcoin CPI. It might give you a new perspective on holding Bitcoin on your company's balance sheet or just as an individual.

Disclaimer: The opinions expressed in this newsletter are solely those of the author and do not necessarily represent the views of any associated company. This newsletter is for educational and informational purposes only and should not be construed as investment, financial, or any other professional advice. Nothing here is a solicitation, offer, or recommendation to buy or sell any asset or to use any service. Investing in cryptocurrencies is highly speculative and carries a significant risk of substantial financial loss, so you must conduct your own thorough research and consult with independent professional advisors before making any decisions.