SEC Proposes New Crypto Rules Amid Industry Push for Clarity
The US Securities and Exchange Commission (SEC) has proposed a new regulatory framework for crypto assets. This proposal is seen as a major step towards giving the industry tailored rules, which it has long sought.
The SEC's plan would exempt certain crypto companies and offerings from US securities laws, making it easier for them to issue tokens and raise money. According to Paul Atkins, the SEC's chair, the agency 'seeks to provide crypto asset entrepreneurs and market participants with clear pathways to raise capital under the federal securities laws.'
The proposal would allow a one-time exemption for crypto companies to issue up to $5 million in crypto tokens during a four-year period. It would also permit offerings of up to $75 million during each 12-month period, provided issuers meet regular reporting requirements and provide financial statements.
Crypto industry leaders have welcomed the proposal, with Summer Mersinger, CEO of the Blockchain Association, stating that 'Regulation Crypto Assets is an important step toward the clear, fit-for-purpose rules digital asset markets in the United States have needed for years.'