Blockworks submits SEC comment letter on Regulation Crypto Assets

Blockworks has formally weighed in on the SEC’s proposed Regulation Crypto Assets, the agency’s framework for how token offerings should work in the US. The crypto media and data firm filed a comment letter on October 19-20, 2026, right as the October 20 deadline arrived.

The pitch is fairly simple. Blockworks wants the SEC to let disclosures live onchain and to allow approved third parties to file them on behalf of token projects. It is also asking regulators to require projects to reveal several deals that rarely reach retail buyers.

What Blockworks is asking for

The core proposal is a new regulatory category called a Qualified Onchain Disclosure Agent. Think of it as a licensed filing service. A token project would hire one, and the agent would publish the required disclosures on the project’s behalf.

The letter also gets specific about what should be disclosed. Blockworks wants Reg CA to mandate line items covering market-maker agreements, liquidity arrangements, token loans, and payments to promoters.

The framework behind the letter

The comment letter is not coming out of nowhere. Blockworks is essentially asking the SEC to align federal rules with something it already built: the Token Transparency Framework, or TTF.

The TTF launched as an open-source standard on June 18, 2025. It asks protocols to disclose details such as token allocations, governance structures, and risk assessments.

Adoption has grown since launch. Reports cite between 84 and 160 total disclosures under the framework by late 2026, a range that reflects differing counts across sources.

The framework also has industry backing. The Transparency Alliance, launched in May 2026, supports the TTF and counts Coinbase and Kraken among its members.

What Reg CA would actually do

The SEC announced the proposed Regulation Crypto Assets on August 18, 2026. Its central feature is a set of tailored exemptions for token offerings, each with fundraising caps.

The first is a startup exemption. It would let a project raise up to $5 million over four years.

The second is a two-tier exemption. It would allow fundraising of up to $75 million within a 12-month span.

What this means for token projects and investors

For token projects, the stakes come down to cost and clarity. A Qualified Onchain Disclosure Agent model could give smaller teams a way to meet federal requirements without building a large in-house compliance operation. That matters most for startups using the $5 million exemption, where legal costs can eat a painful share of the raise.

There is also a competitive angle. If the SEC adopts a disclosure structure resembling the TTF, protocols already filing under that standard would have a head start. Exchanges in the Transparency Alliance, including Coinbase and Kraken, could find the transition smoother than firms that have not engaged with the framework.