SEC Unveils First Formal Crypto Fundraising Rules With $75 Million Cap

The SEC proposed two exemptions for token sales, allowing raises up to $75 million annually without full registration. The SEC introduced its first formal crypto rulemaking, "Regulation Crypto Assets," offering two pathways for token sales without SEC registration. The sma

The SEC proposed two exemptions for token sales, allowing raises up to $75 million annually without full registration.

The SEC introduced its first formal crypto rulemaking, “Regulation Crypto Assets,” offering two pathways for token sales without SEC registration. The smaller exemption permits a one-time raise of up to $5 million over four years, while the larger allows up to $75 million in any 12-month period, aligning with Reg A+ Tier 2 limits.

For over a decade, the SEC regulated crypto fundraising through lawsuits rather than published rules. The new framework requires narrative disclosures similar to whitepapers, with the $75 million tier mandating financial statements and ongoing reporting. The rules also preempt state registration requirements for exempt offerings and certain secondary trades.

BTC traded at $64.4k, up 0.5%, as Bitcoin ETFs recorded $487M in net inflows to start the week.

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