SEC unveils new crypto rules hailed as a win for the digital asset industry

The SEC announced on Tuesday that it had filed a proposal titled "Regulation Crypto Assets", giving crypto entrepreneurs a clearer, considerably lighter route to raising capital under federal securities law, according to the press release published by the regulator.It is the agency's first formal rulemaking dedicated to crypto asset offerings, building on broader interpretive guidance the SEC issued in March, and would spare qualifying issuers the costly registration process required of most public offerings.At the centre of the proposal sit two new exemptions.The "startup exemption" would let an issuer raise up to $5 million (€4.3mn) over a four year period without registering the offering.A second, the "fundraising exemption", would permit raises of up to $75 million (€64.7mn) within any 12 month stretch, though issuers relying on it would still need to publish financial statements and meet ongoing reporting duties.Both routes ask companies to give investors narrative, principles based disclosures, rather…