The Dual Voids: SEC Reg CA and the AI Agent Liability Gap

The Monday Deadline Monday, October 20, marks the close of the comment period for the Securities and Exchange Commission’s proposed Regulation Crypto Assets (Release No. 33-11434, Docket S7-2026-27). The proposal, published in the Federal Register on August 21, creates a tailored offering regime with a startup exemption for up to $5 million over four years and tiered fundraising pathways for up to $75 million over 12 months, alongside a conditional safe harbor from the investment contract definition. While the industry has spent the last two months dissecting those mechanics, a more structural problem remains unresolved: the intermediary liability gap. What the Proposal Leaves Open According to analysis from A&O Shearman , while the SEC provides pathways for issuers, exchanges, brokers, and dealers that transact in covered investment contracts remain subject…

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