SEC Proposes Clearer Crypto Fundraising Rules

The U.S. Securities and Exchange Commission (SEC) has proposed a regulatory framework for crypto fundraising, aiming to provide clearer pathways for entrepreneurs to raise capital.

The proposal, called Regulation Crypto Assets, builds on the Commission's March 2026 interpretation of how federal securities laws apply to certain crypto assets and related transactions.

Under the proposed rules, issuers would have access to two tiers of registration exemptions under the Securities Act of 1933. The first tier allows offerings of up to $5 million over a four-year period, while the second tier permits offerings of up to $75 million during each 12-month period.

The proposal also includes a conditional safe harbor from the term 'investment contract' as used in the definitions of 'security' under both the Securities Act of 1933 and the Securities Exchange Act of 1934. If the safe harbor conditions are satisfied, a crypto asset would not be treated as an investment contract for purposes of those statutory definitions.