▲ U.S. Securities and Exchange Commission
The U.S. Securities and Exchange Commission (SEC) announced a tailored regulatory proposal on the 18th local time, which the cryptocurrency (digital asset) industry has long demanded.
As discussions in the U.S. Congress on bills defining the cryptocurrency market structure have been delayed, the SEC has stepped in to formulate its own rules, reflecting an acceleration of crypto-friendly policies following the launch of the second Donald Trump administration.
The core of this proposal is to exempt cryptocurrency companies from securities registration obligations if they meet certain requirements when issuing tokens to raise funds.
Until now, these companies have faced uncertainties regarding the applicability of securities laws and complex registration procedures when raising funds through token issuances.
Moving forward, they will follow separate registration exemption pathways depending on the scale and method of fundraising.
First, through the startup exemption pathway, the SEC allows early-stage projects meeting specific requirements to raise up to 5 million dollars in tokens over four years.
Additionally, through the funding exemption, companies will be able to raise up to 75 million dollars every 12 months.
However, they must submit financial statements and fulfill ongoing reporting obligations in the process.
Both measures only exempt companies from securities registration requirements and do not eliminate investor protection safeguards under securities laws.
Companies must disclose certain information to investors, and securities law regulations prohibiting fraud and market manipulation will still apply.
Another notable aspect of this proposal is the safe harbor provision, which outlines when a cryptocurrency can be separated from an "investment contract" under securities laws.
The SEC presented criteria allowing a cryptocurrency to be separated from its previously linked investment contract if certain conditions are met and the issuer has completed or permanently ceased the core management and development activities promised to investors.
This is intended to reduce regulatory uncertainty in the cryptocurrency market.
This action comes as the U.S. Senate experiences delays in processing the Financial Innovation and Technology for the 21st Century Act (FIT21), which contains a comprehensive regulatory framework for the cryptocurrency market.
In a statement regarding the SEC's announcement, Chairman Paul Atkins said, "This is the SEC's answer to the long-standing concerns of innovators," adding, "It provides crypto entrepreneurs and market participants with a clear pathway to raise capital under federal securities laws."
However, Chairman Atkins also expressed his position that legislation at the congressional level is necessary to establish a stable long-term regulatory framework.
These regulations are not finalized rules taking immediate effect, but rather a proposal that will undergo a 60-day public comment period following publication in the Federal Register.
In relation to this, key figures from the cryptocurrency industry are scheduled to hold a follow-up meeting at the White House on the 19th, drawing market attention to future policy directions.
(Photo: Getty Images)
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