The US Securities and Exchange Commission (SEC) proposed a new regulatory framework, Regulation Crypto Assets, allowing crypto projects to raise funds without full securities registration. The framework creates two exemption paths: one for small projects raising up to $5 million over four years with no accredited-investor requirement, and another for larger raises capped at $75 million per year with mandatory audited financial reports. Both remain subject to the SEC’s standard antifraud and antimanipulation rules. Proposed by Commissioner Hester Peirce, this is considered the first legal path for onshore token sales since the collapse of ICOs in 2017. It comes as Congress failed to pass the stalled CLARITY Act, leaving the agency to act through rulemaking.
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