The SEC Chairman proposed a regulatory safe harbor for cryptocurrencies, covering three exemption paths including startups and financing
According to the official website of the U.S. SEC, SEC Chairman Paul Atkins announced new cryptocurrency guidelines at the DC Blockchain Summit and proposed the concept of a regulatory safe harbor for crypto assets, including three exemption pathways:
Startup Exemption: A maximum of four years, allowing projects to obtain a regulatory buffer period before reaching maturity, with a fundraising limit of no more than $5 million within four years, requiring the submission of principal disclosure information.
Financing Exemption: Allows for a maximum fundraising of $75 million within 12 months, requiring the submission of disclosure documents to the SEC that include principal disclosures, financial condition, and financial statements.
Investment Contract Safe Harbor: When the issuer completes or permanently ceases core management efforts under the investment contract, the relevant crypto assets may be exempt from the definition of securities.
Atkins stated that this framework draws on Congress's work in recent years, particularly the CLARITY Act, and proposed rules are expected to be released for public comment in the coming weeks.
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