A Friday SEC vote is being framed as a development that could allow crypto fundraising of up to $75 million, but the measure under discussion is still only a proposal rather than a live exemption. That leaves key details unresolved, including who would qualify and how resale rules would work. The uncertainty matters because those conditions often determine whether a fundraising pathway is practical or whether issuers face compliance risks in the legal fine print. The source presents the vote as a potentially meaningful opening for token issuers, while warning that the final structure could also create unexpected constraints.