Timeline
- 8.5
SEC Proposes Token Offering Rules With $75 Million Exemption
The SEC proposed new rules for token offerings, pairing two registration exemptions with a conditional safe harbor and a $75 million exemption. All three sitting commissioners voted in favor during a vote held outside a public meeting. This is a landmark regulatory development that could materially reshape how crypto projects raise capital in the U.S. and how tokens are classified. If finalized, it would provide clearer legal pathways and reduce the risk that tokens are treated as securities. The proposal pairs two registration exemptions with a conditional safe harbor that would remove the "investment contract" label from a token, and it preempts state securities laws. Unanimous support from all three sitting commissioners signals strong momentum, but the rule remains a proposal rather than a final SEC action.
- 9.0
SEC Proposes 'Regulation Crypto Assets' Framework
The SEC today proposed 'Regulation Crypto Assets,' a new rules package designed to create a clear and fit-for-purpose framework for certain investment contracts involving crypto assets. This is the first comprehensive SEC rulemaking tailored specifically to crypto asset offerings and secondary trading. If adopted, the framework could significantly reshape how crypto assets are classified, offered, and traded in the U.S., affecting exchanges, issuers, and investors. It marks a paradigm shift from enforcement-driven oversight toward a comprehensive regulatory regime for crypto. The proposal specifically targets 'investment contracts' involving crypto assets, a legal concept tied to the Howey test used to determine whether an asset is a security. As a proposed rule, it has not yet been adopted and will go through a public comment period, with details subject to potential revisions.
- 8.0
SEC Targets Regulatory Framework for Tokenized Stocks
The SEC plans to propose 'Regulation Crypto' and an innovation exemption for tokenized stocks, potentially allowing tokens tracking stocks like Apple and Tesla to trade on blockchains around the clock. Details could be unveiled at a Friday open meeting. This would provide legal clarity for the tokenized securities market, which has grown rapidly on platforms like Robinhood Chain, Solana, and Base while operating in a regulatory gray zone. A formal exemption could open U.S. retail access and further legitimize the real-world asset (RWA) trend. The intended exemption applies to tokens that track a stock's economic exposure but carry no voting or dividend rights, justifying lighter regulatory treatment. The CLARITY Act remains stalled in Congress until at least September, prompting the SEC to act unilaterally under Chair Paul Atkins' 'Project Crypto' agenda.
- 8.0
SEC Prepares Escape Hatch From Securities Registration for Crypto Projects
The SEC has scheduled an open meeting for August 14 to consider proposing 'Regulation Crypto,' a tailored framework that would allow digital-asset projects to raise capital without full securities registration and provide an exit from SEC oversight once projects decentralize. This would mark the SEC's first durable rule for the crypto industry, offering founders a regulatory runway to raise capital and decentralize without triggering registration. It could reshape how U.S. crypto projects structure fundraising and reduce the threat of enforcement when legislation like the Clarity Act stalls. The proposal, advanced by SEC Chair Paul Atkins, is expected to include a startup exemption that could last up to four years and a safe harbor tied to decentralization, though fundraising thresholds were not disclosed. It would be the first formal rulemaking rather than a staff statement, making it harder for a future chair to unwind, and it comes after the Senate failed to advance the Clarity Act before its August recess.