SEC Proposes Crypto Asset Regulation: Exemptions for Token Issuance Up to $75M

This is the SEC shifting from enforcement-led oversight toward a defined issuance pathway, and the tiered cap structure matters more than the headline number: it suggests regulators are trying to separate small experimental raises from larger, more commercially significant offerings. The safe harbor for tokens to shed security status is the provision most likely to reshape issuer behavior, since it addresses the exit problem that has long made compliant launches difficult. Whether the agency's proposal survives public comment intact, and whether Congress defers to it while the CLARITY Act remains stalled, is the open question.