
The SEC's first formal rulemaking for crypto includes a $75M fundraising exemption. Friday's meeting will clarify the criteria for the exemptions.
The U.S. Securities and Exchange Commission is scheduled to discuss the Regulation Crypto framework on Friday. The proposal, the SEC's first formal rulemaking specifically for crypto assets, would let token issuers raise funds without full securities registration. It includes a startup exemption and a broader fundraising exemption capped at $75 million over 12 months.
That discussion comes after years of SEC enforcement actions against crypto projects for unregistered securities offerings. The agency has not previously proposed a dedicated regulatory path for token issuers. If the commission advances the proposal, it would open a public comment period before final adoption.
The exemptions are designed for projects that meet certain disclosure and investor-protection conditions. The SEC has not released the full text of the proposal, but the agenda suggests a two-tier structure: one for smaller raises and one for larger amounts up to the $75 million cap.
Lawyers are watching for the specific criteria on disclosure requirements and resale restrictions. The outcome could shape how U.S.-based crypto projects structure their token sales.
The SEC's commissioners will consider the proposal on Friday. A vote to advance it would trigger a formal comment process.
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