Securities and Exchange Commission (SEC) Chairman Paul Atkins used a speech at the DC Blockchain Summit yesterday to preview a proposed rulemaking framework that would give crypto projects bespoke pathways to raise capital in the United States while remaining compliant with federal securities laws.
The speech accompanied the SEC’s joint interpretive release with the CFTC, which established a five category crypto asset taxonomy and clarified when crypto tokens are subject to investment contracts under the Howey test. Where the interpretive release addresses how the law currently applies, Atkins’ proposed “Regulation Crypto Assets” would create new exemptions and safe harbors to provide practical compliance pathways.
Atkins outlined three components. The first is a “startup exemption,” a time-limited registration exemption lasting up to four years that would allow developers to raise up to $5 million while providing principles-based disclosures similar to existing whitepapers. The exemption would be non-exclusive, meaning existing options such as Reg D and Reg S remain available alongside it.
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