SEC Proposes Token Rules with $75M Exemption

This is the SEC's first concrete attempt to draw a legal line between tokens that are securities and those that are not, and the unanimous vote gives it unusual weight for a proposal touching crypto. The $75 million exemption and safe harbor would matter most to issuers currently stuck in registration limbo, and to the exchanges and counsel that have priced that uncertainty into listings. The open question is whether the framework survives public comment intact, since the exemption's size and the safe harbor's conditions will draw the heaviest pushback.