The American regulator has once again shaken up the digital asset market. This week, the U.S. Securities and Exchange Commission (SEC) presented the long-awaited Regulation Crypto Assets draft, which essentially offers a formalized mechanism for tokens to exit the jurisdiction of securities laws. This is a direct response to the main question that has plagued the entire industry in recent years—and especially participants in the high-profile Ripple case.
What does the SEC offer issuers?
According to my analysis of the document, the draft provides for two scenarios for exemption from registration. The first is a one-time option allowing the raising of up to $5 million in total over four years. The second, more extensive one, permits raising up to $75 million during any 12-month period.
The key difference from previous times is clear transparency requirements. Both paths obligate issuers to publish simple and understandable explanations of the project's essence for investors. At the same time, larger offerings will require additional financial reporting and regular reports.
It is important to note that federal regulation will take precedence over regional regulation: the new rules repeal the requirements of individual states for such primary offerings and parts of secondary trading. In structure, this resembles the ICO era, when projects raised billions in public sales, but now the maximum amounts and disclosure requirements are fixed from the very start.
The question that made XRP famous has received a written answer
It was precisely the problem of exiting the securities regime that was central to the protracted legal dispute between the SEC and Ripple. In 2023, Judge Analisa Torres ruled that XRP itself is not a security, but certain institutional transactions violated the law. The process only concluded in August 2025.
This decision created a precedent problem: a token could only obtain an exemption through the courts, but no clear algorithm for an out-of-court exit existed. Now, the new "safe harbor" offers the missing mechanism.
By logic, when a team completes or officially ceases the stated managerial work for buyers, the asset ceases to fall under the definition of an investment contract. As SEC Chairman Paul S. Atkins stated, the proposal provides a "harbor for an issuer that has completed or permanently ceased all key managerial actions."
The market, however, reacted cautiously. XRP is hovering around $1, with a market capitalization of $62.7 billion—sixth place in the overall ranking. The price is still far from the July 2025 record of $3.65.
My view: this is a historic shift, but not an instant panacea. Investors should closely watch the comment collection phase (60 days) and especially the discussion in Congress, where the CLARITY Act bill awaits a vote in the Senate. The final terms of the "harbor" will determine whether token sales return to the U.S. market—and how quickly. For now, XRP's reaction shows: the market is tired of promises and awaits specifics.