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SEC Chairman Proposes Crypto Regulatory Safe Harbor Proposal, Covering Startups and Financing Among Three Exemption Paths
Summary: According to reports, the Chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, announced a new cryptocurrency guidance at the DC Blockchain Summit, proposing the concept of a crypto asset regulatory safe harbor, including three exemption paths: 1. Startup Exemption: up to four years, allowing projects to have a regulatory grace period before ...
According to reports, the Chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, announced a new cryptocurrency guidance at the DC Blockchain Summit, proposing the concept of a crypto asset regulatory safe harbor, including three exemption paths: 1. Startup Exemption: up to four years, allowing projects to have a regulatory grace period before maturity, raising up to $5 million within four years, requiring submission of principle disclosure information. 2. Financing Exemption: allowing up to $75 million in financing within 12 months, requiring submission of disclosure documents containing principle disclosures, financial condition, and financial statements to the SEC. 3. Investment Contract Safe Harbor: when the issuer completes or permanently ceases core managerial efforts under the investment contract, related crypto assets may be exempt from the securities definition.
Atkins stated that this framework draws on recent congressional work, especially the CLARITY Act, and is expected to release proposed rulemaking for public comment in the coming weeks.
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Link: SEC Chairman Proposes Crypto Regulatory Safe Harbor Proposal, Covering Startups and Financing Among Three Exemption Paths [Copy]
