The US Securities and Exchange Commission is preparing a new framework for digital-asset securities, giving crypto companies a potential path to raise capital and issue tokens under clearer rules.
The proposal comes after the agency canceled an Aug. 14 meeting where commissioners were expected to consider the plan, citing an “unforeseen scheduling issue.”
Two Paths for Crypto Issuers
The proposal would create two exemptions for crypto issuers seeking to raise money without going through the full securities-registration process. The smaller exemption would allow companies to raise up to $5 million over four years, while the larger track would permit as much as $75 million in any 12-month period.
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Both options would require narrative disclosures about the offering and underlying crypto asset. The larger exemption would also require financial statements and ongoing reports to investors.
The SEC also outlined a path for some crypto assets to fall outside investment-contract rules, potentially giving issuers clearer boundaries under securities laws.
SEC Takes Comments
The SEC will accept public comments for 60 days before deciding whether to advance a final rule. The proposal comes as Congress debates the broader CLARITY Act, which would establish rules for digital-asset markets and clarify the roles of the SEC and Commodity Futures Trading Commission.
SEC Chairman Paul Atkins has said legislation remains necessary to “future-proof” crypto rules.
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