The U.S. Securities and Exchange Commission (SEC) has introduced an ambitious regulatory proposal called Regulation Crypto Assets. This initiative has the potential to fundamentally change the rules of the game for crypto startups, offering a clear and legal alternative for raising capital. In essence, we are on the verge of the return of token sales in the U.S., but under entirely new, transparent conditions.
The key feature of the proposal is the rejection of a single rigid standard in favor of targeted exemptions. Instead of mandatory and burdensome securities registration, projects will have two clear paths for raising funds. The first option is aimed at small teams and allows raising up to $5 million over four years, provided basic information about the project is disclosed.
The second, more advanced track is designed for major players. It allows raising up to $75 million every 12 months, but imposes higher requirements for financial reporting and regularity of data disclosure. This tiering seems logical: it levels the playing field for young startups and mature companies without overburdening the former with bureaucracy.
Stepping Out of the Securities Shadow: A New "Safe Harbor"
Special attention deserves the mechanism I would call a "safe harbor" for tokens. The proposal describes conditions under which digital assets can be reclassified and removed from the scope of securities laws. This will happen if the team fully fulfills its obligations to investors or definitively ceases the key managerial actions promised during the token sale.
This approach is not just a concession, but a recognition of the evolution of the crypto market. It builds on the 2026 recommendations and finally gives the industry long-awaited clarity on asset classification. This is a direct response to years of uncertainty that forced American companies to move offshore.
Market Prospects: What's Next?
The SEC emphasizes that the main goal is to reduce incentives for crypto companies to relocate abroad and expand investment opportunities for Americans. Notably, the regulator is launching a public comment period that will last 60 days after publication in the Federal Register. This gives all market participants a chance to influence the final version of the document.
If Regulation Crypto Assets is adopted, it will become one of the most significant changes in the rules for raising investment for crypto projects in U.S. history. Startups will receive clear "rules of the road," and investors will get protection without suffocating restrictions.
My view: this is a long-awaited step toward maturity. However, the devil, as always, is in the details. It is critically important that the final text of the law does not turn into a tool for excessive regulation, but genuinely balances investor protection and freedom for innovation. The market will be closely watching whether the SEC can maintain this balance during public hearings.