The Securities and Exchange Commission proposed on August 18 its « Regulation Crypto Assets, » creating two fundraising pathways without full registration: one for up to $5 million over four years, and another for up to $75 million annually with financial disclosure requirements. The rule includes a conditional safe harbor allowing issuers to exit « investment contract » status by ceasing the essential managerial efforts that triggered securities classification. This proposal follows a March taxonomy establishing five categories for crypto assets and clarifying the application of the Howey test. A 60-day public commentary period will follow, and the framework could bring offshore-structured projects back under US jurisdiction.
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