SEC Proposes New Framework for Regulating Crypto Assets
The US Securities and Exchange Commission (SEC) has proposed a new framework for regulating crypto assets, which could provide a compliant path for token-based fundraising in the United States. According to Grayscale Research, this proposal could create exemptions for certain token offerings, allowing startups to raise capital with clearer disclosures and compliance obligations.
The proposed exemption levels matter because they could serve different types of projects. A smaller $5 million path may suit early-stage teams, open-source networks, or community-driven projects, while a larger $75 million path could support more mature startups with bigger infrastructure needs.
Grayscale's analysis ties the proposal to broader smart-contract ecosystems because token fundraising is not chain-specific. If US teams can raise compliantly, networks such as Ethereum, Solana, BNB Chain, and others may see more domestic project formation.
The SEC's proposed framework is still a proposal and not final law. It remains subject to public comment, and the final rule may look different from the original proposal. Grayscale's analysis should not be confused with SEC approval of every token sale.