The SEC’s August 18 Regulation Crypto Assets proposal would let eligible crypto ventures raise up to $5 million over any four-year period or as much as $75 million in each 12-month period without full securities registration, with disclosures and, on the larger path, financial statements and ongoing reporting. A conditional safe harbor would allow a crypto asset to leave investment-contract treatment once promised managerial efforts end. As of Aug. 27 the docket showed 31 posted public comments plus one meeting memorandum, leaving commenters until the Oct. 20, 2026 deadline to press changes on disclosure, investor protections, non-cash compensation and the $75 million ceiling. Early letters from Ohanae Securities, ARKONIX, Beeezo and Tilden Moschetti challenge aggregation, exemption availability and the startup path’s safeguards, while visible row labels have not yet shown a major exchange, large asset manager, large token issuer or established investor advocacy group; the Digital Chamber says its Token Alliance input sits in a separate pre-proposal archive. The plan arrives as U.S. public token activity has faded since the 2018 ICO peak, capital has concentrated in Bitcoin, perps and AI, and the CLARITY Act remains stalled.