Grayscale Research says the SEC's Regulation Crypto Assets proposal could clarify U.S. rules for token-based fundraising. The proposed framework targets newly issued tokens, with eligible iss
The Securities and Exchange Commission proposed Regulation Crypto Assets on August 18, creating rules for token-based fundraising. Grayscale Research said the proposal could give U.S. entrepreneurs a clearer route to issue tokens under eligibility and disclosure requirements. The framework targets newly issued tokens, rather than stocks already moved onto blockchains.
https://twitter.com/Grayscale/status/2090139107033022829?s=20The proposal addresses a gap that has existed since the 2017-18 crypto cycle, when startups used initial coin offerings to raise capital. However, U.S. securities laws lack a clear path for similar token issuances.
More recent fundraising models included initial exchange offerings and initial DEX offerings. Those offerings largely took place overseas and excluded U.S. investors, according to Grayscale Head of Research Zach Pandl.
Reg Crypto would allow eligible issuers to raise capital through token offerings up to fundraising limits. Issuers would need to meet disclosure and eligibility requirements under the proposed framework.
Pandl said the proposal differs from tokenized equities, which place existing public stocks onto blockchain networks. Instead, Reg Crypto concerns newly issued tokens that can serve as a method of raising capital.
The proposal recognizes that some crypto protocols can become automated and decentralized. In such cases, registration and disclosure requirements may no longer apply, according to Grayscale.
The approach builds on the SEC’s March 2026 interpretive guidance on crypto assets. Grayscale said the proposal would provide a tailored regime for token-based fundraising in the United States.
The proposed rules could substitute for parts of the CLARITY Act, which Grayscale said appears less likely to pass the Senate. SEC Commissioner Uyeda said Reg Crypto partly aims to reduce incentives for issuers to move fundraising activities offshore.
The SEC also anticipates an innovation exemption later this year. Grayscale said the exemption would add another route for crypto projects in the United States.
Grayscale Research identified Ethereum, Solana, and BNB Chain as networks that could benefit from increased token issuance. The firm said more U.S. issuers and investors could come onchain if the rules stimulate fundraising.
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