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FollowingThe U.S. Securities and Exchange Commission proposes a new regulatory framework that allows crypto companies to raise up to US$75 million a year
The U.S. Securities and Exchange Commission (SEC) has proposed a new regulatory framework that allows eligible crypto companies to raise up to US$75 million a year without having to register in accordance with standard Securities Act processes. The proposal was announced on August 18 and is called the "Regulations on the Regulation of Cryptographic Assets", which specifically creates two exemption clauses for specific investment contracts involving crypto assets. One allows startups to raise up to $5 million over four years, and the other allows up to $75 million in each 12-month cycle.
Both pathways require investor disclosure and remain subject to federal anti-fraud and anti-manipulation rules. Issuers using larger financing exemptions will also need to meet additional financial reporting and ongoing reporting requirements.
The SEC launches two crypto issuance exemptions
The proposal follows the SEC's August vote on a customized crypto issuance framework, marking the agency's move towards establishing a dedicated capital raising system rather than applying existing registration structures intact to token projects. The $5 million start-up exemption is designed to support early projects that complete management work promised to investors. The $75 million financing exemption draws in part on the A+ Regulation and includes two tiers, with larger offerings subject to broader financial reporting and audit requirements.
SEC Chairman Paul Atkins said the framework aims to provide a clearer path for domestic financing while encouraging crypto companies to develop in the United States. His broader regulatory push goes hand in hand with efforts to lay a lasting legislative foundation for the structure of digital asset markets for the CLARITY Act.
Safe Harbor Clause or Termination of Investment Contract Status
The Crypto Assets Regulation Regulations will also establish a conditional safe harbor clause to clarify when non-securities crypto assets will no longer be bound by investment contracts. The safe harbor can be used by the issuer after proving to the SEC that it has completed or permanently terminated the basic management work committed under the investment contract and meets other conditions of the proposal. At that time, the SEC will no longer determine that the crypto asset falls within the federal definition of securities due to investment contracts.
The structure is based on an SEC interpretation released in March that introduced a new SEC token classification that distinguishes cryptoassets from investment contracts that exist around certain distribution behaviors.
Proposal will override certain state registration rules
The SEC also proposes that issues completed through the Cryptographic Asset Regulation and certain eligible secondary market transactions will override state securities registration and qualification review requirements. But states 'anti-fraud powers will not disappear with the proposal.
The rule is still a proposal and has not yet taken effect. Issuers cannot yet rely on the new $5 million or $75 million exemption clauses, nor can they rely on safe harbor rules for investment contracts. The SEC will undergo a 60-day public comment consultation after the proposal is published in the Federal Register, after which members will decide whether to amend or adopt the final rule.
