New era of tokens: why ETH, SOL, and BNB will become the main beneficiaries of the regulatory shift in the US
Grayscale Research's analytical department has published an assessment according to which three leading altcoins — Ethereum (ETH), Solana (SOL), and BNB Chain — will be among the main beneficiaries of the recently proposed SEC rules on digital asset handling. This is not just a speculative forecast, but a logical conclusion based on structural changes in U.S. regulation.
The U.S. Securities and Exchange Commission (SEC) has presented the long-awaited draft Regulation Crypto Assets (Reg Crypto). For the first time in years, the document offers a clear mechanism for startups wishing to legally sell new tokens to American investors. Until now, the market existed in a gray zone, forcing many projects to move offshore and refuse to work with U.S. residents.
Why these networks specifically?
Grayscale's logic is simple and elegant: if token sales become legal, project founders and venture investors will flood back into blockchain ecosystems. The main flow of activity and capital will settle in networks that already have developed infrastructure, liquidity, and communities. Ethereum, Solana, and BNB Chain are exactly such platforms.
The scale of the potential influx is impressive. According to the U.S. National Bureau of Economic Research (NBER), more than 1,500 projects raised a total of $12.9 billion through initial coin offerings (ICOs). The peak of this boom occurred in 2017–2018, after which the American market effectively lost this capital flow due to a lack of regulatory clarity. Reg Crypto is designed to return this money and talent to U.S. jurisdiction.
The market has already reacted to the news: ETH is trading above $2,250, showing growth of more than 17.5% over the day. SOL's price is near the $89 mark, and BNB has strengthened to around $629. This is only the first impulse — fundamental changes lie ahead.
The essence of the new rules
Reg Crypto proposes two fundraising schemes. The first allows a startup to raise up to $5 million over a four-year period, and only once. The second is designed for larger projects: up to $75 million per year, but with mandatory regular financial reporting and information disclosure.
The key element is the Investment Contract Safe Harbor mechanism. It determines when a token loses its security status: the issuer must fully complete managerial tasks for the token's development. This very issue was the stumbling block for years in the SEC's legal dispute with Ripple over XRP. The new rules officially close this legal uncertainty.
SEC Commissioner Mark Uyeda supported the initiative, noting that clear rules will reduce incentives for launching projects outside the U.S. The new order partially replaces provisions of the CLARITY Act bill, whose consideration in the Senate has been postponed to September.
My view: This is a turning point for the entire industry. Regulatory clarity is the catalyst that institutional investors lacked for a full-scale entry into the sector. However, it is worth remembering: after publication in the Federal Register, a 60-day comment period will begin, and a separate exemption for innovations is expected only by the end of the year. Until final approval, the market will move on expectations, meaning volatility will persist.