The Securities and Exchange Commission proposed Regulation Crypto Assets on Aug. 18, a framework allowing token issuers to raise up to $75 million per year without registration, with a startup exemption capped at $5 million raised over four years. The regulation also includes a safe harbor that would remove some tokens from the definition of a security once the issuer has ceased all essential managerial efforts promised under the investment contract. Both exemptions require principles-based narrative disclosures and leave issuers subject to the antimanipulation provisions of securities laws. Bitcoin traded at $64,138, up 0.8% on the day, with total crypto market capitalization standing at $2.29 trillion.
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