SEC proposes a tailored crypto-asset fundraising regime

The proposed exemptions have different limits, disclosures and reporting obligations.

Capvise MediaEvent 18 Aug 2026Published 15 Oct 20261 min read

Photo: The U.S. Securities and Exchange Commission headquarters in Washington, D.C. The agency is the subject of the proposed crypto-asset fundraising regime. Credit: AgnosticPreachersKid; U.S. Securities and Exchange Commission headquarters.JPG; CC BY-SA 3.0; resized and converted to WebP. · CC BY-SA 3.0 · Resized for web delivery

What was announced

The SEC proposed Regulation Crypto Assets on August 18, setting out securities-offering exemptions for certain investment contracts involving crypto-assets. One proposed route would allow up to $5 million through a one-time exemption over four years. Another would permit up to $75 million in each 12-month period.

Both routes would require narrative disclosures. The larger route would also require financial statements and ongoing reporting. The proposal includes a conditional safe harbour concerning when an asset ceases to be subject to an investment contract. These are proposed rules, rather than fundraising permissions issuers can assume are already effective. The SEC said comments would remain open for 60 days after publication of the proposing release in the Federal Register.