CoinDesk
The SEC's proposed Regulation Crypto framework gives the public 60 days to comment on how digital-asset firms and developers can raise funds with tokens. Published last week, the proposal sets different provisions based on the amount a startup seeks to raise and how it will operate. Lewis Cohen, a partner at Cahill Gordon and Reindel, called the effort “directionally super positive.”
Why it matters
The proposal is a notable turn toward formal crypto rulemaking. The SEC under the current presidential administration has issued staff statements but has not engaged in much formal rulemaking, making the comment process and eventual final rules important for companies planning token-based fundraising.
Cohen said the Clarity Act is still what the industry needs “to really get the job done right.” President Donald Trump has urged Congress to pass the bill, adding a legislative track to the SEC's regulatory effort. SEC Chairman Paul Atkins and CFTC Chairman Mike Selig joined crypto and traditional finance executives at that press conference.
Market impact
The investable signal is a move from staff statements toward a proposed framework that companies can assess. That is directionally positive for firms seeking a clearer path to raise capital with tokens, but the proposal is not final. The SEC must complete the public comment process and finalize the rules before companies can plan around the finished framework.
The next checkpoints are the 60-day public comment window, the SEC's final rules and the industry's push for the Clarity Act. Selig said the CFTC is also ready to begin rulemaking if the legislation does not become law, making coordination between the two agencies a key issue for crypto markets.
Frequently asked questions
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What does the SEC's Regulation Crypto proposal cover?
It outlines how digital-asset firms and developers could raise funds with tokens, with different provisions based on the amount sought and how a startup operates.
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Why is the SEC's formal rulemaking significant for crypto firms?
The SEC has issued staff statements but engaged in little formal rulemaking under the current administration. The proposal starts a public process that includes final rules and time for companies to comply.
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Why does the crypto industry still want the Clarity Act?
Lewis Cohen said the Clarity Act is still needed “to really get the job done right,” and President Donald Trump has urged Congress to pass it.
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How did Lewis Cohen assess the SEC proposal?
Cohen called the Regulation Crypto proposal “directionally super positive,” while still saying the Clarity Act is necessary for the industry.
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What could the CFTC do if the Clarity Act does not become law?
CFTC Chair Mike Selig said the agency is ready to begin its own rulemaking if the Clarity Act does not become law.
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