SEC Proposes Crypto Rule for $75 Million Offerings as Trump Presses Clarity Act

3 articles · Updated · Decrypt · Aug 21

$75 million a year in crypto offerings could proceed without full SEC registration under the SEC's proposed Regulation Crypto Assets, which also includes a conditional safe harbor and preempts some state registration rules.
$5 million over four years is the lower fundraising threshold in the proposal, which aims to create a formal U.S. framework for crypto capital raising after the agency canceled an open meeting on the rule last week.
Trump used a White House meeting with Coinbase, Ripple, Kraken and a16z executives to urge Congress to pass a 'fair version' of the Clarity Act, with ethics provisions still the main bipartisan sticking point.
CFTC Chairman Mike Selig said the bill would help prevent 'another Gary Gensler' and warned the agency will build its own crypto market regime under existing powers if Clarity stalls in Congress.