SEC Issues Own Crypto Rules Amid Stalled Legislation
The US Securities and Exchange Commission (SEC) has released its own set of rules for cryptocurrency offerings, bypassing stalled legislation. The 'Regulation Crypto Assets' proposal allows token issuers to raise up to $75 million in a year without registering with the SEC, as long as they provide financial statements and ongoing reporting obligations.
The new rules also introduce two exemptions from registration under the Securities Act of 1933: one for raising up to $5 million over four years, and another for issuing tokens that meet specific conditions. The proposal aims to give entrepreneurs clear pathways to raise capital while Congress works on establishing a lasting regulatory framework.
SEC Chairman Paul Atkins said the proposal is 'another step to onshore innovation in crypto asset markets.' However, regulators are not waiting for Congress to pass the Clarity Act, which has stalled. CFTC Chairman Michael Selig plans to proceed with rulemaking regardless of the legislation's outcome.