The U.S. Securities and Exchange Commission (SEC), the U.S. securities regulator, published its proposed Regulation Crypto rulemaking last week, setting out how digital-asset companies and developers could raise funds with tokens without violating agency rules. The proposal includes different provisions based on how much money a startup seeks to raise and how it plans to operate. The SEC under the current presidential administration has issued numerous staff statements but has conducted relatively little formal rulemaking, making the timing important because finalizing rules and giving companies time to comply could take longer. Lewis Cohen, a partner at Cahill Gordon and Reindel LLP, called the proposal directionally very positive but said the industry still needs the Clarity Act to fully resolve the issue. U.S. President Donald Trump urged Congress to pass the Clarity Act at a press conference last Wednesday attended by SEC Chairman Paul Atkins, CFTC Chairman Mike Selig, Coinbase CEO Brian Armstrong, Kraken CEO Arjun Sethi and other major crypto and traditional financial-services executives. A day later, the CFTC (U.S. derivatives regulator) Innovation Advisory Committee met, where Selig said the agency was ready to begin rulemaking if the Clarity Act does not become law.