8 min ago2 min readU.S. Capitol Building (Jesse Hamilton/CoinDesk)The U.S. Securities and Exchange Commission published its proposed Regulation Crypto rulemaking last week, laying out how the agency wants to oversee fundraising by digital asset firms.You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.Reg CryptoThe narrativeThe Securities and Exchange Commission published its Regulation Crypto proposal last week, laying out how it thinks crypto companies and developers can raise funds with tokens without running afoul of the agency.Why it mattersThe SEC under the current presidential administration has put out a lot of staff statements, but hasn't engaged in much formal rulemaking. As last week's newsletter discussed, timing is a key issue here; the SEC will need some time to finalize any rules and more time to let companies comply.Breaking it downThe proposal has a few different provisions depending on how much funding a startup might try to raise and how it will operate. You can click here for more details on the proposal itself."It goes a long way. It's directionally super positive, and no question the SEC is being commended for all the time, the effort, the energy that went into this," said Lewis Cohen, a partner at Cahill Gordon and Reindel LLP.Cohen said the Clarity Act is still what the industry really needs "to really get the job done right."U.S. President Donald Trump also urged Congress to pass the Clarity Act during a press conference held with a number of major crypto and traditional financial services executives last Wednesday.The press conference also saw SEC Chairman Paul Atkins and CFTC Chairman Mike Selig speak alongside the likes of Coinbase CEO Brian Armstrong, Kraken CEO Arjun Sethi and others, and came a day before the CFTC 's Innovation Advisory Committee met.At that event, Selig said his agency was also ready to begin working on rulemaking should the Clarity Act not become law.This weekThis weekThere are no major hearings or meetings that we're tracking this week.If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social.You can also join the group conversation on Telegram.See ya’ll next week!12345678910Anvil: The Missing Collateral LayerAnvil: The Missing Collateral LayerAnvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.Jul 29, 2026Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.Why it matters:Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.View Full Report