The US Securities and Exchange Commission has proposed rules that would create a tailored securities offering regime for crypto assets, after the Senate failed to advance the CLARITY Act before the August recess.
The proposal includes a safe harbor that would exempt certain crypto assets from being treated as investment contracts, an issuance exemption of up to $5 million in tokens over four years and up to $75 million over 12 months, plus financial statement and ongoing reporting requirements. A 60-day public comment period opens after publication in the Federal Register.
SEC Chair Paul Atkins said legislation is still needed. The agency had been expected to also announce an innovation exemption for crypto-based stocks but did not include one.
US SEC official notice (via Cointelegraph)