SEC Publishes First Crypto Fundraising Rule in 90 Years
The Securities and Exchange Commission (SEC) has published its first formal rule for cryptocurrency fundraising in 90 years, providing token issuers with clear exemption caps to plan against.
The new rule, Regulation Crypto Assets, opens a 60-day public comment period that begins when the release appears in the Federal Register. It contains two fundraising exemptions and a decentralization safe harbor.
The first exemption allows offerings of up to $5 million during a four-year period, while the second permits offerings of up to $75 million during each 12-month period. Issuers using this pathway must provide financial statements and are subject to ongoing reporting requirements.
SEC Chairman Paul Atkins framed the publication as both a market-competitiveness play and a bridge to eventual legislation. 'Advancing this regulatory framework is a key element in our strategy to advance the rule books for the modern era.'