The American regulator has once again shaken up the crypto industry. This week, the U.S. Securities and Exchange Commission (SEC) unveiled the long-awaited draft Regulation Crypto Assets, which essentially offers a formalized and legal mechanism for selling tokens to investors. This is not just another bureaucratic initiative, but an attempt to provide a clear answer to a question that has tormented the market for years: how can a digital asset escape the gray zone of securities without waiting for years of litigation.
What exactly does the new regulation propose?
According to my analysis of the document, the draft provides for two clear scenarios for issuers. The first is a simplified one, allowing up to $5 million to be raised over four years. The second, more extensive one, makes it possible to raise up to $75 million within any 12-month period, but requires stricter financial reporting and the publication of project descriptions that are understandable to retail investors. The key point: federal rules will take precedence over local state laws, eliminating the regulatory fragmentation that has stifled initial public offerings in the United States.
This structure is painfully reminiscent of the ICO era, when projects raised billions without any oversight. However, now the regulator is building in protection mechanisms from the very start, fixing limits and transparency requirements. In essence, we are witnessing an attempt to revive the primary offering market, but on "adult" terms, embedded in the legal framework.
The XRP decision everyone was waiting for
The central issue that the new regulation resolves on paper is the removal of an asset from the scope of securities law. Recall the Ripple precedent: in 2023, Judge Analisa Torres ruled that XRP itself is not a security, but institutional sales violated the law. This created an absurd situation where a token's status depended on how it was sold. Now the SEC offers a "safe harbor": if a project team completes or permanently ceases its stated managerial activities, the asset ceases to fall under the definition of an investment contract. This is exactly the mechanism the market lacked after the Ripple verdict.
Significantly, the market reacted cautiously. XRP is still trading around $1, with a market capitalization of $62.7 billion, placing it sixth in the overall ranking. The price remains several times below the all-time high of $3.65 reached in July 2025. Investors are obviously waiting not so much for proposals as for final decisions—both from Congress, where the CLARITY Act awaits a vote, and from the regulators themselves during the 60-day comment period.
My expert assessment: this is a historic shift. The SEC is finally moving from a policy of intimidation to building infrastructure for growth. However, the key factor will be how truly achievable the "safe harbor" proves to be for issuers, especially for those who have already operated on the global market. If the conditions are too strict, we will see only a simulation of legality, not a new tokenization boom.