Under “Regulation Crypto Assets,” a startup exemption would allow digital token offerings of up to $5 million over four years. A second exemption would allow token issuers to raise up to $75 million every 12 months if they provide financial statements and ongoing reports.
Myriad: Will the Clarity Act be signed into law in 2026? Click to make your prediction.Both would require disclosures, while federal antifraud and antimanipulation rules would still apply.
SEC Commissioner Hester Peirce today acknowledged that the proposed exemptions would not cover every type of crypto project, calling on the crypto industry to provide feedback on how the rules should evolve.
“The Commission wants to accommodate innovation on many fronts, and our rules need to be tailored to changing market developments and designed to protect investors and market integrity,” she wrote. “This proposal is one step on a long road toward a clear, sensible, enforceable regulatory framework for crypto.”
The proposal also includes a conditional safe harbor allowing an issuer to “delink” a crypto asset from the investment contract through which it was sold. That could allow a token initially tied to a securities transaction to separate from that contract if the issuer meets the SEC’s conditions.
The news also comes as other federal agencies advance crypto rules.
