The U.S. Securities and Exchange Commission has proposed Regulation Crypto Assets, a crypto-specific offering framework that would create two exemptions from Securities Act registration for certain investment contracts involving crypto assets, letting eligible startups raise up to $5 million over any four-year period and larger issuers raise up to $75 million in a 12-month period with tailored disclosures and, for bigger raises, added financial reporting and ongoing obligations. Existing federal anti-fraud and anti-manipulation protections would remain, and the framework is designed to reopen a regulated domestic path for token fundraising after years in which many projects structured launches offshore or excluded U.S. investors. The proposal is notable because it separates the fundraising transaction from the token itself. Under a related investment contract safe harbor, an issuer could notify the SEC that an investment contract has ended once its essential managerial efforts are complete or permanently cease, allowing the asset to stop being treated as subject to that contract if conditions are met. Grayscale Research said clearer rules could encourage issuers to stay in the United States and bring more activity to public blockchains including Ethereum, Solana and BNB Chain, while the proposal arrives as Congress continues to work on the CLARITY Act. Grayscale has also pressed lawmakers to move that bill forward, with Chief Legal Officer Craig Salm urging Senate leaders in a July 31 letter to hold a floor vote before the August recess. The SEC draft is not final and still must go through the federal rulemaking process before any exemptions can take effect.