The U.S. Securities and Exchange Commission (SEC) on Tuesday unveiled the long-awaited draft of Regulation Crypto Assets, which, in essence, for the first time in many years, offers a formalized and legal mechanism for selling tokens to American investors. This is not just another clarification — it is an attempt to resolve a fundamental question that has long remained a stumbling block for the entire industry: how an asset that is not initially a security can avoid this status throughout its life cycle.
What the regulator proposes
The draft provides for two levels of access to the U.S. market. The first is a simplified one, allowing up to $5 million to be raised over four years. The second is an expanded one, with a limit of up to $75 million over any 12-month period, but with stricter requirements, including the publication of financial statements and regular reporting to the regulator. In both cases, issuers are required to provide investors with simple and clear explanations of the project's essence.
Significantly, the structure resembles the ICO era, when projects raised billions through public sales, but now all restrictions and transparency requirements are established from the very start. Federal regulation will take precedence over regional rules, which eliminates the fragmented requirements of individual states.
The key question for XRP and the entire industry
It was precisely the problem of exiting the security status that was central to the protracted legal dispute between the SEC and Ripple. Back in 2023, Judge Analisa Torres ruled that XRP itself is not a security, but institutional sales violated the law. However, until now, there was no clear algorithm for exiting this status without litigation.
The new initiative offers a kind of "safe harbor": if the team completes or permanently ceases the stated managerial work for buyers, the asset ceases to fall under the definition of an investment contract. This is a critically important mechanism that, in essence, gives issuers a clear path to legalization, not just judicial precedents.
The market has so far reacted cautiously: XRP is hovering around $1, with a market capitalization of $62.7 billion, corresponding to sixth place in the ranking. The price is still far from the all-time high of $3.65 recorded in July 2025.
Now the focus shifts to the comment collection phase (60 days) and further consideration in Congress, where the CLARITY Act bill also awaits a vote. It is the final terms of the "safe harbor" that will be decisive for issuers that have released tokens outside the U.S. — they will determine whether sales return to the American market.
My analysis: This initiative is a landmark step toward market maturity. The SEC is finally offering not prohibitions, but a working tool. However, the devil, as always, is in the details: too strict conditions for the "safe harbor" could make it unworkable, while too lenient ones could open the floodgates for fraudulent schemes. Investors should closely monitor the final version of the rules, rather than the current price reaction.