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SEC Proposes Crypto Fundraising Exemptions in Abrupt About-Face
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The Securities and Exchange Commission proposed new rules Tuesday that would let crypto projects raise funds without requiring full securities registration, abruptly changing course after calling off a meeting late last week in which the Commission was expected to introduce the measures.
Key facts
- Under “Regulation Crypto Assets,” a startup exemption would allow digital token offerings of up to $5 million over four years
- On Monday, the U.S. Treasury Department proposed regulations implementing the GENIUS Act that would generally require stablecoin issuers to obtain federal or state licenses beginning in January 2027
- On Monday, Crypto In America reported that SIFMA, a Wall Street trade group representing broker-dealers, investment banks and asset managers, had discussed a potential legal challenge to the SEC’s
- The proposal comes after the SEC abruptly canceled a meeting on Regulation Crypto Assets last week, citing an “unforeseen scheduling issue
Summary
The SEC proposed exemptions allowing crypto projects to raise up to $5 million over four years or $75 million annually without full securities registration. The proposal includes a safe harbor that could allow a crypto asset to separate from the investment contract through which it was sold. The SEC moved forward with the proposal days after canceling a meeting on the framework amid reported pressure from Wall Street and the White House. Under “Regulation Crypto Assets,” a startup exemption would allow digital token offerings of up to $5 million over four years.