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FollowingToday's Top News
The SEC proposes first formal crypto rules for token financing
Over the past decade, the U.S. Securities and Exchange Commission (SEC) has been regulating cryptocurrency financing through litigation-suing token issuers one by one, but never publicly releasing rules to clarify compliance boundaries. Today, this situation is changing.
Yesterday, the SEC launched the "Crypto Asset Supervision Rules", which is the first time the agency has formally formulated crypto-related regulations. The rule provides two paths for token sales that do not require registration with the SEC.
Small paths allow one-time financing of no more than US$5 million over four years; large paths allow no more than US$75 million in any 12-month period, a cap equivalent to the mini-IPO framework established by Congress through the JOBS Act, Reg A+ Tier 2. Both paths require principles-based descriptive disclosures in the form of a white paper rather than a registration statement, while the $75 million path also requires financial statements and ongoing reporting. The rule will also exempt state-level registration requirements for relevant issues and certain secondary transactions.
In addition, there is an extremely important safe harbor clause in the rules. According to the proposal, once the issuer completes or permanently ceases all key management efforts it has committed, eligible tokens will no longer be considered investment contracts. SEC Chairman Paul Atkins said the framework stems directly from Commissioner Hurst Pierce's token safe harbor first proposed in February 2020-a rule the industry has been calling for since.
This marks a significant shift from the SEC's past stance. The 2017 ICO boom ended when the SEC determined that token sales were unregistered securities issues and began filing lawsuits, and since then all teams have built projects around this ruling. So we saw foundations in the Cayman Islands and Switzerland, sales only to non-U.S. buyers, qualified investor rounds under Reg D, and airdrops and points programs carefully designed to be unlike sales. These structures exist because there are no legal options on American soil.
Today, the United States has established clear rules for token sales. If these proposed rules are passed, a new wave of ICOs is expected to usher in.
