The U.S. Securities and Exchange Commission (SEC), the U.S. securities regulator, proposed a framework that would exempt certain crypto projects from full securities registration while allowing them to raise up to $75 million. The approach echoes initial coin offerings (ICOs), a token-sale fundraising model associated with the market before 2017. A proposed safe harbor could allow tokens to exit securities status once the required obligations are fulfilled. Analysts describe the plan as an upgrade of the ICO model rather than a complete framework for putting stocks on blockchain networks.