SEC issues Reg Crypto proposal to clarify token offerings and create fundraising exemptions

The U.S. Securities and Exchange Commission has proposed a framework for regulating certain crypto asset offerings, described as “Regulation Crypto Assets” (or “Reg Crypto”), aimed at crypto investment contracts as a way to provide clarity while the CLARITY Act remains stalled. The proposal includes two Securities Act registration exemptions tied to offer size, each paired with investor disclosure requirements, and the larger exemption would also require financial statements and ongoing reporting ^{[1] [2]}.

In a separate related development, the SEC also outlined proposals to create exemptions for crypto fundraising that would allow token sales without full securities registration, and would provide a pathway for tokens to separate from investment contracts. Coverage of the SEC’s initiative also frames it as part of a broader push to establish a “rulebook” for crypto offerings even as pending legislation does not move forward ^{[3] [4]}.