SEC Proposes New Rule for Cryptocurrencies with Two Placement Options

The US Securities and Exchange Commission (SEC) has proposed a new rule for cryptocurrencies, marking a significant step towards permanent regulation of digital assets. The proposal provides two paths for placing crypto assets: a regime for startups with a limit of up to $5 million over four years, and a large placement of up to $75 million over a one-year period with stricter disclosure requirements.

The SEC chairman, Paul Atkins, stated that the initiative aims to create permanent rules for digital assets in the US, separate from Congress's efforts to pass a law on crypto market structure. The regulator is considering this document separately from another crypto initiative, the innovation exemption, which concerns tokenized securities and has not yet been launched.

The proposal provides for two main placement options: the startup regime requires a public report at the beginning of the period, a public report at the end of the period, and additional disclosures for investors. The large placement option allows placements of up to $75 million during each annual period but with stricter requirements, including disclosing offering materials, showing the project's financial condition, and publishing regular reports.

The commission emphasizes that both exemptions require substantive disclosure, and investments in tokens will receive a clearer framework. Anti-fraud and anti-manipulation rules remain, as does oversight of market participants' behavior. The key stage now is the 60-day comment period, after which the commission will finalize the rule's final version.