Crypto▲ Bullish
SEC Proposes $75M Crypto Exemption and Token Safe Harbor
The SEC's Regulation Crypto Assets proposal would let eligible issuers raise up to $75 million in 12 months without full registration, plus a safe harbor for tokens that outgrow their investment-contract roots.
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The U.S. Securities and Exchange Commission has proposed a crypto fundraising framework offering new routes for qualifying digital-asset projects to raise capital without full Securities Act registration.
The proposal, Regulation Crypto Assets, would let eligible issuers raise up to $75 million within 12 months under a tailored exemption, with a separate safe harbor for tokens that lose their investment-contract status.
Filed Tuesday under S7-2026-27, the plan combines larger fundraising limits with disclosure, reporting, antifraud, and anti-manipulation requirements designed specifically for crypto offerings.
Instead of a single unrestricted exemption, the framework has two paths.
The first is a one-time startup exemption covering crypto investment-contract offerings of up to $5 million over a maximum four-year period. Projects using it would file public disclosures when the exemption begins and ends, along with principles-based narrative disclosures for investors. Those issuers still face federal antifraud and anti-manipulation rules.
The second path is a broader exemption modeled partly on Regulation A, with two tiers.
Tier 1 allows qualifying issuers to raise up to $20 million in any 12-month period without completing traditional registration. Tier 2 lifts that ceiling to $75 million, the largest fundraising route inside the proposed crypto-specific framework.