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FollowingThe U.S. Securities and Exchange Commission proposes a token securities framework that allows crypto projects to raise up to US$75 million
The U.S. Securities and Exchange Commission has proposed a token securities framework that allows eligible crypto projects to raise up to US$75 million from investors. The plan is still in the proposal stage and aims to provide token issuers with a clearer path to raise funds under securities regulations.
Proposed content for the U.S. Securities and Exchange Commission's token securities framework
The token securities framework is a set of rules that treats certain crypto tokens as securities (such as stocks or bonds) and stipulates how projects can legally sell those tokens to raise funds. The U.S. Securities and Exchange Commission proposal details this path in an official rulemaking document. According to the proposal, eligible crypto projects could raise up to $75 million. The framework targets projects and issuers that raise funds, rather than just platforms that host token sales. It is part of a broader package of rules known as Reg Crypto, which sets tiered exemptions of $5 million and $75 million.
The significance of the US$75 million cap for crypto fundraising
For early-stage crypto teams, clear fundraising caps are a planning tool. It gives founders a clear idea of how much money they can raise before hitting this specific exemption limit. A capped, rules-based path could reduce the long-standing uncertainty surrounding token sales within the United States. Projects that once feared whether tokens would be considered securities can now follow a written framework, although this clarity is accompanied by disclosure and qualification requirements. The corresponding price is compliance. Raising funds under a securities framework means meeting the disclosure obligations of the U.S. Securities and Exchange Commission, which takes time and money and may not be suitable for the smallest projects. This tension also runs through the broader push by the Securities and Exchange Commission, after the Transparency Act in Congress has stalled.
What will happen next if the SEC advances the proposal?
This is still a proposal, not a final rule. Proposal rules usually require a public consultation period before the agency decides whether to adopt, modify or abandon them. A broader package of rules has attracted attention, including a committee vote scheduled for the roughly 400-page crypto regulatory proposal. Crypto policy commentators have publicly expressed their views on the direction of the U.S. Securities and Exchange Commission. For those who own small amounts of cryptocurrency or are concerned about this area, the practical point is simple: Nothing has yet become law, so before assuming that the $75 million fundraising path is open, keep an eye on the final rules and comment period.
