US Securities and Exchange Commission Chair Paul Atkins said a proposed safe-harbor framework for crypto markets has been submitted to the White House for review.
Speaking at the Digital Assets and Emerging Technology Policy Summit, Atkins confirmed the Regulation Crypto Assets package — first outlined by the SEC in mid-March — is currently with the Office of Information and Regulatory Affairs (OIRA), the step that precedes publication in the Federal Register.
“We will have reg crypto that we will be proposing here shortly. It’s in fact at OIRA right now, which is the next step before being published,” Atkins said.
The proposal centers on three elements: a startup exemption, a fundraising exemption and an investment contract safe harbor for issuers. If finalized as SEC rules, the package could spur more crypto innovation in the US and offer clearer regulatory guidance for industry participants.
Atkins emphasized the SEC wants market input to ensure the package is workable. He offered few specifics but said the commission is “building into it” measures including the safe harbors and exemptive relief.
The rulemaking process generally requires an SEC vote to approve a formal proposal, submission to OIRA for review, and then publication in the Federal Register for public comment and feedback. Cointelegraph reached out to the SEC for comment.
Key elements described so far:
– Startup exemption: would allow projects to raise up to a defined amount over a four-year period with reduced disclosure requirements.
– Fundraising exemption: would permit issuers to raise a defined amount within 12 months while retaining the ability to rely on other registration exemptions under federal securities laws.
– Investment contract safe harbor: would exclude certain assets from the definition of a security once the project team has ceased all managerial efforts that were “represented or promised” as part of the investment contract.
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