The U.S. Securities and Exchange Commission (SEC) has put forward an ambitious project, Regulation Crypto Assets, aimed at radically simplifying the process of raising capital through tokens. A key element of the initiative is the creation of a "safe harbor" for certain digital assets, which could become a turning point for the entire industry.
Two paths for issuers
The regulator proposes two exemptions from the standard registration requirements set forth in the Securities Act of 1933. The first mechanism allows crypto companies to raise up to $5 million over four years, while the second allows up to $75 million per 12-month period. In both cases, disclosure of information to investors remains a mandatory condition, but the second, larger-scale mechanism will also require providing financial statements and regular reporting to the SEC.
The concept of a "safe harbor" for investment contracts has been separately developed. Subject to certain conditions, a crypto asset could be exempt from the requirements applied to securities, giving projects greater flexibility in the early stages of development.
After publication in the Federal Register, a 60-day public comment period will begin. SEC Chairman Paul Atkins emphasized that the new rules will not replace the legislative framework of Congress but will complement it, providing a more sustainable foundation for the market.
CLARITY Act: the battle for the future of regulation
The SEC's initiative unfolds against the backdrop of active congressional work on the CLARITY Act, which is intended to define the division of powers between the SEC and the CFTC. On September 15, a key vote will take place in the Senate, requiring 60 votes to proceed to consideration of the document.
"September 15 will be an indicator of whether the bill will continue to advance through Congress," notes Ripple's Chief Legal Officer Stuart Alderoty.
Alderoty emphasizes that even if the bill fails, regulators will continue to develop rules on their own, but federal law is preferable—it is much harder to repeal when agency leadership changes. According to the National Crypto Association, the crypto industry supports 232,000 jobs and $55 billion in economic activity in the U.S., making the regulatory issue a matter of national competitiveness.
Points of contention and White House optimism
The White House remains optimistic. Chief Crypto Advisor Patrick Witt stated a readiness to continue negotiations with Democrats on contentious provisions. Among them are rewards for stablecoin holders and ethical restrictions for government officials, including a ban on issuing and promoting their own digital assets.
However, not everyone shares the optimism. Solana Policy Institute head Miller Whitehouse-Levine estimates the likelihood of the CLARITY Act passing before the midterm elections at only 10%, calling the bill's current state a "purgatory of the August recess." Prediction markets are more positive: Polymarket gives a 20% probability, while Kalshi gives 33%.
My view: the regulatory framework proposed by the SEC is a long-awaited step toward legitimizing the crypto market, but without the passage of the CLARITY Act, it will remain only a temporary measure, vulnerable to political changes. The industry needs precisely a federal law that will create predictable conditions for long-term investments.