SEC Proposes Digital Asset Rules Amid Stalled Crypto Legislation
The U.S. Securities and Exchange Commission (SEC) has proposed new rules for digital assets that would exempt certain offerings from securities law, amid stalled efforts in Congress to pass comprehensive legislation.
Regulation Crypto Assets, as the proposal is called, aims to create a 'tailored offering regime' that balances innovation with investor protection. SEC Chair Paul Atkins said the move is part of an effort to 'onshore innovation in crypto asset markets for generations to come.'
The proposed rules include a 'startup exemption' allowing offerings up to $5 million to avoid registration requirements under the Securities Act of 1933, as well as a 'fundraising exemption' for offerings up to $75 million for one year.
Hester Peirce, an SEC commissioner, described the proposal as 'one step on a long road toward a clear, sensible, enforceable regulatory framework for crypto.'