SEC's Reg Crypto Plan Could Spark New Token Fundraising on Ethereum and Solana

The US Securities and Exchange Commission (SEC) has proposed Regulation Crypto Assets, or 'Reg Crypto,' which could bring token fundraising back to the United States. The proposal aims to provide clearer guidelines on token financing, allowing projects to raise capital through newly minted tokens rather than tokenized shares of existing stocks.

The SEC's March 2026 interpretation of federal securities laws and its August 18 proposal have been met with optimism by Grayscale, which believes that Reg Crypto could unlock new fundraising avenues for Ethereum, Solana, and BNB Chain. According to Zach Pandl, Head of Research at Grayscale, 'Reg Crypto offered eligible issues a clearer route into the market and mitigated the advantage of structuring token offers abroad.'

The proposed framework provides exemptions that would permit projects with specific disclosure and eligibility requirements to attract capital. Two potential paths are being considered: one option might allow for lower amounts of early-stage fundraising, while a wide open-ended exemption would allow all issuers that are qualified to raise $75 million in a 12-month period.

Grayscale sees the potential benefits of Reg Crypto extending beyond the issuers themselves. If its tokens are successfully funded, they claim it could create activity outside of the issuers, leading to increased users, transactions, liquidity, and application usage on public blockchains such as Ethereum, Solana, and BNB Chain.