TheBlock
More than 100 submissions have been filed as the SEC’s comment period on proposed Regulation Crypto Assets nears its Tuesday deadline. The plan includes a startup exemption for offerings up to $5 million and a fundraising exemption for offerings up to $75 million over one year, potentially easing registration requirements for some digital-asset offerings.
Why it matters
Crypto firms, Wall Street institutions and advocacy groups are backing a regulatory pathway while pressing the SEC to change how it works. The Hyperliquid Policy Center urged the agency to clarify that airdrops involving no exchange of value are not securities and said the proposed safe harbor is too limited for projects unable to make its required certification.
The Alternative Investment Management Association called for clearer disclosures of investors’ legal rights and risks, including risks that may extend to managers. It also urged issuers to distinguish utility or economic exposure from ownership, redemption, cash-flow and contractual rights.
Market impact
The SEC’s separate five-year innovation exemption, which took effect in September, allows certain tokenized-securities trading venues and liquidity providers to operate outside specified exchange and dealer definitions. SIFMA said investor protections and opt-in procedures need attention, warning that early choices could shape market practice before a permanent framework is adopted.
The CFTC is also weighing the U.S. market for perpetual futures. Hyperliquid Policy Center has advocated for compute contracts, arguing that developers who rent computing capacity face price risk without widely available hedging tools. The SEC’s final approach could influence how digital-asset fundraising and tokenized securities develop, while the CFTC’s decisions may shape which new types of contracts can trade in the U.S.
Frequently asked questions
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What fundraising exemptions does the SEC proposal include?
It includes a startup exemption for offerings up to $5 million and a fundraising exemption for offerings up to $75 million over a one-year period.
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What change did the Hyperliquid Policy Center request on airdrops?
It asked the SEC to clarify that airdrops involving no exchange of value do not involve an investment of money and therefore are not securities.
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Why does the Hyperliquid Policy Center object to the proposed safe harbor?
It says the safe harbor requires a certification that many projects cannot make.
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What does the SEC's innovation exemption cover?
The five-year exemption covers certain tokenized-securities venues and liquidity providers, excluding them from specified exchange and dealer definitions under securities law.
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Why is the CFTC considering compute perpetual futures?
The Hyperliquid Policy Center says developers renting compute face price risk without widely available hedging tools, while compute-market pricing remains fragmented and largely private.
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