The US Securities and Exchange Commission proposed its first dedicated crypto fundraising framework on Tuesday, a rule package called Regulation Crypto Assets that would let projects raise significant capital without going through full securities registration. SEC Chair Paul Atkins framed it as a historic step, saying the proposal answers a question that has "puzzled innovators since the birth of the blockchain" and arguing the agency had previously been "weaponized" against the industry.
The proposal creates two new exemptions from Securities Act registration requirements built specifically for investment contracts involving crypto assets. According to the SEC's official announcement, projects would be able to raise up to $75 million every 12 months under a recurring exemption, or up to $5 million as a one-time raise over a four-year period, in both cases subject to principles-based disclosure requirements rather than a full registration statement.
Why Now
The timing isn't coincidental. The proposal follows the SEC's March 2026 interpretive guidance clarifying how federal securities laws apply to crypto assets, and it lands as Congress's own effort at crypto market-structure legislation, the Clarity Act, has stalled in the Senate.
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With lawmakers unable to move a comprehensive bill, the SEC appears to be using its existing rulemaking authority to deliver at least part of the regulatory clarity the industry has been asking for, rather than waiting on Capitol Hill.
How the Industry Is Responding
Reaction from crypto industry groups has been largely positive, with several describing the proposed thresholds as considerably more generous than they had expected going in. The $75 million annual cap in particular is well above what many observers anticipated the SEC would be willing to offer, and it would put crypto issuers in a meaningfully different position than they've occupied for years, when raising money domestically often meant either registering as a full securities offering or working around US investors entirely.
What Happens Next
The proposal isn't final. It now enters a 60-day public comment period following its publication in the Federal Register, during which industry participants, investor advocates and other stakeholders can weigh in before the SEC moves to adopt, revise or shelve the rule. Given the scale of interest already on display, that comment period is likely to draw significant attention from crypto projects hoping to use the new exemptions once they take effect.
