The Securities and Exchange Commission proposes allowing qualifying crypto projects to raise up to $5 million over four years or $75 million annually without registering their securities as investment contracts. Bitwise, Nasdaq and the Alternative Investment Management Association seek broader token access and clearer rules, while Nasdaq wants tokenized stocks, bonds and exchange-traded fund shares excluded. The Independent Community Bankers of America warns that faster stablecoin adoption could divert as much as $1.3 trillion in deposits from community banks and reduce their lending capacity by approximately $850 billion, according to a modeled scenario that does not represent the proposal’s direct impact. Investor advocates and former enforcement officials challenge the SEC’s legal authority, forcing the agency to decide whether to revise offering thresholds, strengthen investor disclosures or commission additional economic analysis before adopting a final rule.
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