SEC Proposes $75 Million Crypto Fundraising Cap, Comment Period Closes in 54 Days

The US Securities and Exchange Commission (SEC) has proposed two exemptions for crypto fundraising, which would allow eligible ventures to raise up to $5 million in any four-year period under one path and up to $75 million in each 12-month period under another.

Comments on the proposal are due by October 20, leaving 54 days for remaining commenters to seek changes to the framework. The SEC has already received 31 public comments, including a meeting memorandum from the Digital Chamber's docket presence, which argued that its Token Alliance submitted 13 responses covering all 48 questions in an earlier SEC request.

Several crypto companies have targeted the exemptions' mechanics, with Ohanae Securities proposing clarification on the $75 million exemption's availability and ARKONIX arguing that independent offerings should not share the same infrastructure. Other commenters challenged the $5 million path, while Tilden Moschetti opposed the startup exemption as proposed.

The SEC will consider all public comments in determining whether to implement the proposed exemptions. Larger institutions may have engaged elsewhere, but the letters already posted show the concrete choices still open for debate.