Key Highlights
- Grayscale said the SEC’s proposed Regulation Crypto Assets could make it easier for crypto projects to raise money through tokens in the U.S.
- The proposal includes two fundraising exemptions, allowing eligible projects to raise up to $5 million over four years or $75 million within 12 months.
- Grayscale expects Ethereum, Solana, and BNB Chain could see more activity if clearer U.S. rules encourage more token launches and investors.
Grayscale said the U.S. Securities and Exchange Commission’s proposed Regulation Crypto Assets could bring token-based fundraising back to the United States.
In a report published on Wednesday, the company said the proposal could give crypto projects new ways to raise money while potentially driving more activity on major blockchains such as Ethereum, Solana and BNB Chain
Grayscale sees a new path for U.S. token fundraising
The SEC proposed the rules on August 18 as it seeks to create a clearer path for certain crypto projects that want to raise money through token offerings.
For Grayscale, the proposal could change where and how new token projects raise funds, especially after years of uncertainty that pushed some issuers to structure their launches outside the U.S.
Grayscale said clearer rules could make the U.S. more attractive to token issuers that have avoided the country because of regulatory concerns. Many newer token launches have also kept U.S. investors out for the same reason. If that changes, more companies and investors could return to public blockchain networks.
Ethereum, Solana and BNB Chain could benefit
Ethereum, Solana and BNB Chain could see some of that activity if token fundraising grows. The idea is simple: more projects raising money through tokens could mean more projects building and operating on public blockchains.
Grayscale identified these networks as potential beneficiaries of a broader return to token-based fundraising in the U.S.
SEC sets out two fundraising options
The SEC proposal includes two possible exemptions for certain crypto fundraising deals.
The first would allow eligible projects to raise up to $5 million over four years. The second would allow qualifying issuers to raise as much as $75 million during 12 months.
The larger fundraising route would come with more rules. Projects using it could have to provide financial statements and continue reporting after reaching certain fundraising levels. The proposal would also keep federal rules against fraud and market manipulation in place.
As a result, the framework would not allow unrestricted token sales. Instead, it would provide certain projects with potential fundraising exemptions while maintaining disclosure and investor-protection requirements.
Safe harbor could affect qualifying tokens
Regulation Crypto Assets also includes a proposed “investment contract safe harbor.” Under certain conditions, an issuer could say that it has finished or permanently stopped the management work it originally promised investors.
If the required conditions are met, a qualifying token could eventually move outside investment-contract treatment.
CLARITY Act adds to the bigger picture
The timing of the SEC proposal is also significant. It comes while lawmakers are still working on the CLARITY Act, a broader bill that would set federal rules for digital assets and define the roles of the SEC and Commodity Futures Trading Commission.
Grayscale has been pushing Congress to move the bill forward. In a July 31 letter, Chief Legal Officer Craig Salm asked Senate leaders to hold a floor vote before the August recess, saying the lack of a clear federal framework continues to create uncertainty for the industry.
For Grayscale, Regulation Crypto Assets could help fill part of that gap while Congress works on the wider legislation.
The SEC proposal, however, is not yet a final rule. It must go through the federal rulemaking process before the proposed fundraising exemptions can take effect.
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