Grayscale Research's analytical department has reached an unequivocal conclusion: the introduction of the long-awaited SEC rules on tokenization will open a new era for the market, and three altcoins — Ethereum (ETH), Solana (SOL), and BNB Chain — will be at the epicenter of this growth.
The U.S. Securities and Exchange Commission (SEC) has finally presented a draft regulatory framework called Regulation Crypto Assets, or Reg Crypto for short. The document offers a clear mechanism that will allow startups to legally raise capital by selling tokens to American investors — something the market has been waiting for for years.
Grayscale's logic: why these networks in particular?
My analysis confirms: the key catalyst is a shift in activity. If token sales become legal, project founders and investors will flood into blockchain ecosystems. The networks that will benefit the most are those where this activity can be monetized — through fees, liquidity, and development. Grayscale published its breakdown almost immediately after the document's release, and their argumentation is impeccable.
The numbers speak for themselves. According to a study by the 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 came in 2017–2018, after which most such initiatives moved offshore, cutting American investors off from participation. Reg Crypto is designed to bring this capital and talent back home.
How the market will change: two schemes and a "safe harbor"
The SEC's draft offers two tracks. The first allows a startup to raise up to $5 million over four years, but only once. The second — for larger projects: up to $75 million per year, but with mandatory regular financial reporting and information disclosure. This creates flexibility for different stages of development.
The most important thing is the Investment Contract Safe Harbor mechanism. A token loses its security status when the issuer completes all managerial tasks related to its development. This is precisely the issue around which the SEC's court dispute with Ripple over XRP stalled for years. The new rules officially close this legal uncertainty, which I consider a historic step for the entire industry.
SEC Commissioner Mark Uyeda supported the initiative, emphasizing that clear rules will reduce the temptation to launch 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. Once the draft is published in the Federal Register, a 60-day period for public comments will begin. A separate exemption from trading rules for innovations is expected closer to the end of the year.
Market reaction and Grayscale's strategy
The market has already reacted with lightning speed. ETH is trading above $2,250, showing growth of more than 17.5% in a day. SOL has strengthened to around $89, while BNB is holding near $629. Notably, Grayscale has confirmed its strategy: this month, the company made BNB the largest position in its own Smart Contract Fund with a share of 30.6%.
My expert view: This is not just a rule adjustment — it is a paradigm shift. Regulatory clarity in the U.S. will become a magnet for institutional capital that has avoided the crypto market for decades due to legal risks. However, one should not expect an immediate effect: after the 60-day discussion and final refinements, we will see the real impact on liquidity no earlier than the first quarter of next year. Investors should take a closer look at projects already building infrastructure on these three networks — they will be the beneficiaries of the first wave of legal fundraising.