The SEC on Tuesday proposed a regulatory framework for crypto asset offerings, « Regulation Crypto Assets, » which offers two exemptions to issuers: one allowing them to raise up to $5 million in crypto over four years, and another permitting up to $75 million over twelve months with financial statement and ongoing reporting obligations. These exemptions require narrative disclosures for investors and include a conditional safe harbor that removes tokens from investment contract classification once promised managerial work is completed or permanently abandoned. The Clarity Act, hoped for by pro-crypto lawmakers, has been delayed until September after Democrats balked at the latest draft, with some Republican senators accusing colleagues of deliberately holding it back. CFTC Chairman Michael Selig said he will proceed with rulemaking regardless of the Clarity Act’s fate, aiming to finalize rules before the administration’s term ends.
Source: Read the original article
