The American regulator has once again shaken up the crypto industry, presenting on Tuesday the long-awaited Regulation Crypto Assets draft. This initiative essentially proposes a formalized and, more importantly, legal mechanism for selling tokens to investors in the US, while simultaneously establishing clear criteria for an asset to exit the jurisdiction of securities laws. This is not just another bureaucratic amendment, but a potential foundation for reviving the primary offering market, albeit under fundamentally different, transparent conditions.
What the new SEC rules draft proposes
The key essence of the proposal is the creation of a two-tier system for issuers seeking to raise capital without undergoing the full and costly registration procedure. The first option is simplified, allowing up to $5 million to be raised in aggregate over four years. The second is more extensive, with a cap of $75 million over any 12-month period, but it imposes additional financial reporting and periodic disclosure obligations to the regulator.
It is important to note that the draft proposes federal regulation taking precedence over regional regulation, which automatically nullifies conflicting requirements from individual states for such offerings. In its structure, this resembles a return to the ICO era, when projects raised billions, but now strict limits and disclosure requirements will apply from the outset. This is a deliberate attempt by the regulator to restore confidence in a market that was effectively shut down after a series of high-profile scandals.
The question that made the XRP case famous has received a written answer
It was precisely around the question of how an asset can cease to be a security that the multi-year legal dispute between the SEC and Ripple unfolded. Recall that in 2023, Judge Analisa Torres issued a landmark ruling, recognizing that XRP itself is not a security, although institutional sales were deemed a violation of the law. The case was finally closed only in August 2025, but until now there was no clear algorithm for exiting this status without litigation.
The SEC's new proposal essentially fills this legal vacuum. It offers a so-called "safe harbor" for issuers that have completed or permanently ceased the stated managerial work for purchasers. As SEC Chairman Paul S. Atkins stated, if the team no longer undertakes key managerial actions, the asset ceases to fall under the definition of an investment contract. This is a critically important precedent that provides a roadmap for many projects issued outside the US that are awaiting a return to the American market.
The market, however, is reacting cautiously so far. XRP continues to trade around $1, showing minimal volatility. The token's market capitalization stands at approximately $62.7 billion, keeping it in sixth place in the rankings, but the price is still far from the all-time high of $3.65 set in July 2025.
All attention is now shifting to the comment collection phase, which will last 60 days, followed by consideration in Congress. In parallel, the CLARITY Act bill awaits a vote in the Senate, which could shape the entire digital asset market structure. The final terms of the "safe harbor" will be a decisive factor for dozens of issuers already ready to return to the US market.
My analysis: This is undoubtedly a step forward from the policy of "regulation through enforcement." However, as practice shows, the devil is in the details. The criteria for "cessation of managerial work" could be interpreted ambiguously, and this is where the main battle between lawyers and issuers will unfold. The success of this initiative will depend not only on the final text, but also on how boldly the SEC applies the new rules in practice.