The U.S. Securities and Exchange Commission is set to approve new rules for regulating cryptoassets, which will enable token issuers to raise funds in the country while circumventing the restrictions imposed by securities law. The special regime provides for two options for exempting cryptocurrency issuers from mandatory registration under the Securities Act of 1933. The first is a one‑time exemption that will allow companies to raise funds of up to five million dollars over a period of four years. The second exception allows issuers to raise up to seventy‑five million dollars from investors every twelve months. Companies that fall under the second exception must disclose detailed information and provide financial statements..

The proposed rules also include a conditional safe harbor: if a cryptocurrency issuer meets all the necessary requirements, the sale of its asset should not be considered an investment contract under the Securities Act of 1933 and the Securities Exchange Act of 1934. Furthermore, the regulator proposed to repeal the laws of individual states regarding registration for tokens issued in accordance with these exemptions, as well as for certain transactions in the secondary market. Public discussions of the proposed rules will last for sixty days from the date of publication in the Federal Register. The Commission may then choose to take into account or disregard the comments and suggestions of interested entrepreneurs and fellow officials, after which it will approve the new document.

Paul Atkins, Chairman of the Securities and Exchange Commission, stated that the agency’s initiative is aimed at clarifying for crypto entrepreneurs the ways to raise capital while Congress is working on creating a full‑fledged regulatory framework for cryptocurrencies. It was expected that the bill on regulating cryptocurrencies and the profitability of stablecoins, called CLARITY, would be adopted before the parliament goes on its August recess, but the vote has been postponed at least until September. In March, the Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued a joint statement on the status of crypto assets. According to this document, only tokenized assets may be subject to oversight by the Securities Commission; digital goods, non‑fungible tokens, and stablecoins should not be considered securities.