U.S. SEC proposes first major crypto rule in surprise announcement
The U.S. SEC has proposed its first permanent rule governing digital assets, aiming to provide a regulatory framework for crypto securities offerings. The proposal introduces two exemption tracks for issuers while requiring narrative disclosures and financial reporting.
Why it matters
This represents a significant shift toward formalizing crypto regulation in the U.S. in the absence of comprehensive congressional legislation.
The agency action on Tuesday is an opening step to establish "Regulation Crypto Assets" as a first permanent rule governing digital assets — a particularly meaningful development after Congress has so far fallen short in passing a crypto market structure law. The issuance had been unexpected after the agency had cancelled an August 14 meeting meant to propose the same rule.
The proposal includes two tracks for crypto securities offerings — a one-time offering of up to $5 million in a four-year period, and another that contemplates offerings of up to $75 million in each one-year period.
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