The American regulator has once again shaken up the crypto industry. On Tuesday, the SEC presented the long-awaited Regulation Crypto Assets project, which essentially offers a formalized mechanism for digital assets to exit the scope of securities law. This is not just another initiative — it is an attempt to finally close the question that has tormented the market for years and became a cornerstone in the high-profile case against Ripple.
What exactly the regulator is proposing
The project provides two clear scenarios for issuers seeking to avoid registration under U.S. laws. The first is simplified: it allows raising up to $5 million in total over four years. The second is expanded: it allows raising up to $75 million within any 12-month period, but requires the publication of financial statements and regular updates for investors. In both cases, a mandatory condition is providing simple and clear explanations about the essence of the project.
The key point is that federal regulation takes priority over regional regulation. This means states will have to yield their requirements for such primary offerings and part of secondary trading. In its architecture, the initiative resembles the ICO era, when projects raised billions, but now the regulator sets limits and transparency conditions in advance.
The XRP lesson: from court to written rules
It was the Ripple case that showed how shaky the ground was. The SEC filed a lawsuit in 2020, claiming that XRP sales violated securities laws. In 2023, Judge Analisa Torres ruled that the token itself is not a security, but part of the institutional deals — yes. The process only concluded in August 2025, leaving a vacuum behind: how an issuer could exit the gray zone without litigation was unclear.
The new project aims to fill this gap. It offers a "safe harbor" for an issuer that has completed or permanently ceased all declared managerial actions for buyers. As SEC Chairman Paul S. Atkins emphasizes, in this case the asset ceases to fall under the definition of an investment contract. This is a direct response to the main question that made XRP a symbol of regulatory uncertainty.
The market, however, remains calm for now. XRP is holding around $1, with a market cap of $62.7 billion, ranking sixth overall. The token is still far from its all-time high of $3.65 recorded in July 2025. All attention is now focused on the 60-day comment period and further consideration in Congress, where the CLARITY Act is also awaiting a vote.
My view: This is a landmark step, but not a panacea. The key intrigue lies in the final wording of the "safe harbor." If it turns out to be too narrow, the project risks becoming just another decoration, and real clarity for issuers, especially outside the U.S., will remain unattainable. The market needs not only rules but also predictability in their application.