SEC's Crypto Framework Could Unlock US Token Fundraising

The Securities and Exchange Commission (SEC) has proposed a framework for regulating crypto assets, and Grayscale Research believes it could create exemptions for compliant token fundraising in the US. The proposal, introduced on August 18, would establish rules for token offerings, including possible tracks up to $5 million or $75 million.

Grayscale argues that clearer rules could give startups a path to raise capital with more transparent disclosures and compliance obligations. This is significant because, for years, US token fundraising has been limited by two unappealing options: operating offshore or risking enforcement action.

The proposed framework's 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.