SEC Proposes Crypto Fundraising Exemptions in Abrupt About-Face

This is a structural shift rather than a single rule change: the exemption itself matters less than the decoupling pathway, which addresses the industry's core complaint that tokens remain trapped as securities long after a network matures. It affects issuers who have avoided US sales entirely, and it hands the agency's critics a template they will now press to finalize. Whether the proposal survives comment and whether the decoupling test proves workable in practice are the open questions.