SEC Proposes Crypto Fundraising Exemptions in Abrupt About-Face
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SEC proposes new crypto rules in absence of CLARITY Act
The proposed rules from the US securities regulator would provide companies with a safe harbor from tokens being treated as“investment contracts” and certain exemptions for token issuance.
The U.S. Securities and Exchange Commission (SEC) is expected to propose cryptocurrency rules as early as this month to streamline the fundraising process for startups.
PANews reported on July 8th that, according to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has updated its agenda, indicating it plans to propose new cryptocurrency rules as early as this month. The rule would establish a temporary registration exemption for developers launching crypto investment contracts, allow for a certain amount of financing, and create a safe harbor for issuers exiting securities regulation. SEC Chairman Paul Atkins stated that this move aims to achieve the goal of "making the U.S. the global crypto capital," establishing clear rules for crypto asset financing, and providing clear guidance for the custody and trading of on-chain tokenized securities. This is the SEC's first major rule-making effort in the crypto space; previously, the agency had released a digital asset taxonomy and begun developing related plans to promote tokenized securities. The cryptocurrency rule is currently under review by the White House Office of Information and Regulatory Affairs.
Wall Street Pushback Halts SEC's Crypto Fundraising Framework, Sources Say
The securities regulator cited an "unforeseen scheduling issue," but sources point to a legal threat from Wall Street trade group SIFMA and an administration waiting to see whether the Clarity Act passes in September.
SEC cancels key crypto regulatory meeting
The SEC canceled a meeting on proposed crypto offering rules after the Senate left for recess without voting on the CLARITY Act.
Alleged $165M crypto Ponzi mastermind faces US charges after Fiji deportation
Prosecutors allege Edward Zimbardi collected crypto from thousands of investors, lost over $34 million on currency trades and spent at least $10 million personally.
*SEC Poised To Unveil Major Crypto Plans As Clarity Act STALLS: BBG
TreeNews News, *SEC Poised to Unveil Major Crypto Plans as Clarity Act STALLS: BBG