The U.S. Securities and Exchange Commission said on Tuesday it is proposing new rules for certain #Crypto assets for the first time, after a landmark crypto legislation, the Clarity Act, ran into delay in Congress.
The proposal is focused on fundraising through crypto token offerings. It includes exemption from some registration requirements for offerings up to $5 million during a four-year period, and offerings of up to $75 million each year if the issuer provides ongoing financial disclosures. It “seeks to provide crypto asset entrepreneurs and market participants with clear pathways to raise capital under the federal securities laws,” said SEC Chairman Paul Atkins in a statement.
The rulemaking, if successful, will represent a more limited win for the industry than a comprehensive legislation, because it could be overturned by regulators under a different administration.
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