SEC Proposes "Regulation Crypto Assets" Framework

The SEC has formally proposed 'Regulation Crypto Assets,' a new offering framework that would let crypto projects raise up to $5M through a one-time startup exemption or up to $75M annually via a tiered fundraising exemption. The startup lane allows $5M over four years with no accredited-investor requirement or per-investor cap, while the fundraising lane permits $75M every 12 months split into a $20M Tier 1 and $75M Tier 2, with Tier 2 issuers needing audited financials and ongoing reporting. Tokens sold under either lane would not carry a rule-based resale lockup, and non-accredited buyers in the fundraising lane are capped at 10% of income or net worth.