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.