The SEC's proposed Regulation Crypto Assets framework has been published in the Federal Register, opening a 60-day public comment period. The proposal outlines possible $5 million and $75 million fundraising exemptions and a conditional safe harbor for certain tokens, but none of it is final yet.
The SEC's proposed Regulation Crypto Assets framework has been published in the Federal Register, starting a 60-day public comment period for one of the most closely watched crypto rulemaking efforts in the United States. The proposal, filed as File No. S7-2026-27, was published on August 21, with comments due by October 20. The framework would create possible exemptions for covered digital asset investment contracts, including a one-time startup exemption of up to $5 million and a 12-month fundraising exemption of up to $75 million.
Why Federal Register Publication Matters
Federal Register publication is more than a clerical step. It formally opens the public comment process, giving issuers, exchanges, developers, investors, academics, trade groups, lawyers, and consumer advocates a defined channel to respond. The SEC may revise the proposal based on that feedback — narrowing exemptions, adding conditions, adjusting definitions, or delaying parts of the rule — so the final version, if one emerges, may look different from the proposal published today.
A Possible Path For Token Fundraising
The exemptions sit at the center of the proposal. A $5 million startup path could give early-stage crypto teams a limited route to raise capital while staying inside a defined framework, while the $75 million exemption could offer more room for mature projects with bigger capital needs. For years, US token fundraising has been stuck in uncertainty. Projects have often chosen to launch offshore, avoid US investors, or operate under legal ambiguity.
The Safe Harbor Question
The proposal also includes a conditional safe-harbor concept that could let certain tokens stop being treated as investment contracts once an issuer certifies that managerial efforts have been completed or discontinued. That question goes to the heart of crypto securities law, since many token projects argue a token can start out tied to fundraising or managerial efforts, then later function as part of a decentralized network.
Not A Market Green Light
The rules remain proposed, not finalized, and the SEC has not approved token fundraising generally. By October 20, the agency will have a record of public responses, after which it can revise, reopen, finalize, or abandon parts of the proposal. Publication of Regulation Crypto Assets marks the start of the formal fight over what compliant token fundraising in the US could look like, not the end of it.
Source: Federal Register
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