SEC नई क्रिप्टो एसेट ऑफरिंग छूटों का प्रस्ताव करता है

सिक्योरिटीज एंड एक्सचेंज कमीशन ने 18 अगस्त, 2026 को रेगुलेशन क्रिप्टो एसेट्स का प्रस्ताव रखा, जो एक नया ऑफरिंग ढांचा है जिससे क्रिप्टो प्रोजेक्ट्स अमेरिकी निवेशकों को 1933 के सिक्योरिटीज एक्ट के तहत पंजीकरण किए बिना निवेश अनुबंध बेच सकेंगे, दो छूटों के माध्यम से जो क्रमशः चार वर्षों में $5 मिलियन और 12 महीने की अवधि में $75 मिलियन तक सीमित हैं। यह प्रस्ताव, जिसे रिलीज़ नंबर 33-11434 और 34-106150 के रूप में जारी किया गया है, स्टाफ बयानों और प्रवर्तन कार्रवाईयों के कई वर्षों के बाद एजेंसी की क्रिप्टो पूंजी जुटाने के लिए एक स्थायी, आयोग‑स्वीकृत नियम बनाने की पहली कोशिश है।

The release lands five months after the Commission’s 17 मार्च 2026 interpretation that sorted crypto assets into five categories and held that only one of them, digital securities, is itself a security. Regulation Crypto Assets addresses what that interpretation left open: कैसे ऐसा प्रोजेक्ट जिसका टोकन सिक्योरिटी नहीं है, फिर भी उस टोकन के चारों ओर लिपटे निवेश अनुबंध को कानूनी रूप से बेचकर धन जुटा सकता है।

दोनों छूटों से क्या अनुमति होगी

The startup exemption covers offerings of up to $5 million during a four-year period. It is designed for early-stage projects and would also cover airdrops and network-reward distributions that meet its conditions, with principles-based narrative disclosures made available to investors, according to the proposing release.

The fundraising exemption is the larger rail: up to $75 million in any 12-month period, structured in two tiers and modeled on Regulation A, the exemption under which most compliant tokenized offerings in the U.S. have been sold to date. Issuers using it would file a disclosure document with the Commission covering the investment contract, the issuer’s financial condition, and financial statements, and would take on ongoing reporting obligations. Both exemptions require the principles-based disclosures, and issuers relying on either remain subject to the antifraud and antimanipulation provisions of the federal securities laws.

The third prong is a conditional safe harbor from the term “investment contract” itself. If a project satisfies its conditions, the crypto asset would be deemed no longer subject to an investment contract under either the Securities Act or the Securities Exchange Act of 1934, which is the exit from SEC jurisdiction that the March interpretation described but did not operationalize. A fourth element would preempt state securities registration and qualification requirements for offerings under the regime and for certain secondary transactions in those contracts, by defining purchasers as qualified purchasers under the Securities Act’s preemption provision.

The proposing release also creates a family of new forms, including a Form 1-CRYPTO offering statement and annual, semiannual, and current report forms for issuers under the fundraising exemption, all filed electronically on EDGAR. Offering limits under both exemptions would be adjusted for inflation at least once every five years.

प्रस्ताव के पीछे का दस्तावेज़

The Commission had scheduled the proposal for an open meeting on 14 अगस्त 2026, according to the सनशाइन एक्ट एजेंडा posted 10 अगस्त 2026, which listed the Division of Corporation Finance as the sponsoring office. The rulemaking docket, File No. S7-2026-27, appears on the agency’s नियम निर्माण गतिविधि पृष्ठ with an issue date of 18 अगस्त 2026.

The blueprint was public well before that. In मार्च 17, 2026 को DC Blockchain Summit में टिप्पणी, Chairman Paul Atkins sketched the same three-part structure and traced it to the token safe harbor framework Commissioner Hester Peirce first published in फ़रवरी 2020. The figures he floated then, $5 million for the startup exemption and $75 million for the fundraising exemption, match the numbers in the formal proposal.

The same speech also delivered the line that now frames the entire project, as Atkins described the Commission’s narrowed jurisdiction over crypto assets.

“We are not the Securities and Everything Commission, anymore,” Atkins said in the March remarks.

The proposing release describes the fundraising exemption’s mechanics as modeled “in large part” on Regulation A. That matters to issuers for a practical reason: Regulation A Tier 2, which caps raises at $75 million in 12 months, has been the workhorse exemption for qualified token offerings in the U.S., but it is available only for equity, debt, and convertible securities. An investment contract over a non-security token fits none of those categories, which is precisely the gap the new regime is built to close. Securities.io has covered how tokenized securities function as wrappers on परम्परागत उपकरण, and the proposal keeps that distinction intact: tokenized stocks and bonds remain securities under the March interpretation and are excluded from the new exemptions.

रिलीज़ के स्वयं द्वारा निर्धारित सीमाएँ

The proposal’s own text draws its boundaries. The exemptions apply only to covered investment contracts, defined as investment contracts where the subject crypto asset is not itself a security and no other asset is bundled in, so a token sale packaged with company equity would need a different path. The safe harbor is conditional rather than automatic, and both exemptions are non-exclusive, meaning issuers keep access to Regulation D, Regulation A, and other existing exemptions. Nothing in the release changes the treatment of digital securities, which the Commission has said remain fully subject to the securities laws.

Comments on File No. S7-2026-27 are due 60 days after the release is published in the Federal Register, which had not yet occurred as of the proposal’s issuance on 18 अगस्त 2026, according to the नियम निर्माण सारांश पृष्ठ. The comment file is open on the SEC’s website, and the agency will post submissions publicly as they arrive.