Grayscale Research sees the SEC’s proposed Regulation Crypto Assets as a potential reset for U.S. token-based fundraising. The framework could give issuers new capital routes while directing more activity toward established public blockchain networks. Ethereum, Solana, and BNB Chain could benefit if companies move token launches back into the United States.
Ethereum Could Gain From Expanded Token Issuance
Ethereum could capture additional network activity because many token projects already use its infrastructure for issuance and settlement. Grayscale identified Ethereum among the major networks positioned to benefit from renewed U.S. token fundraising. More domestic offerings could increase transactions, smart-contract use, and applications built around Ethereum’s existing ecosystem.
The SEC proposed Regulation Crypto Assets on August 18 and targeted certain investment contracts involving newly issued crypto assets. The proposal creates two exemptions from standard Securities Act registration requirements for qualifying token offerings. One exemption allows issuers to raise to $5 million during four years.
The second exemption would permit eligible issuers to raise to $75 million in any 12 months. However, those issuers would face financial statement requirements and continued reporting obligations under the proposed framework. Federal antifraud and market-manipulation requirements would also continue to apply to offerings made under the exemptions.
Solana Could Attract New Fundraising Activity
Solana could also gain activity because its network supports token launches, payments, decentralized applications, and other blockchain services. Grayscale included Solana among networks that could receive additional usage if U.S. fundraising rules become clearer. More token issuance could therefore create new demand for transactions and applications operating through the Solana network.
The proposed regulation focuses on newly issued crypto assets rather than blockchain representations of existing securities. That distinction separates Reg Crypto from tokenized stocks, which link digital assets with shares already issued elsewhere. Instead, the SEC wants a dedicated framework for companies raising capital through certain crypto-related investment contracts.
The SEC also proposed a conditional safe harbor addressing when crypto assets remain linked to investment contracts. An issuer could qualify after completing or permanently ending the essential managerial work originally promised under the contract. Qualified assets would then fall outside investment-contract treatment under federal securities definitions covered by the proposal.
BNB Chain Could Benefit From More U.S. Token Launches
BNB Chain represents another major network that Grayscale believes could gain from expanded token-based capital formation. The network already hosts applications, digital assets, and decentralized finance services requiring frequent blockchain transactions. New U.S. token offerings could therefore expand network use if issuers select BNB Chain for distribution.
Reg Crypto follows years of uncertainty surrounding U.S. token offerings after the initial coin offering boom. That uncertainty pushed many projects toward overseas structures or offerings that excluded participation from the United States. The SEC said its proposal aims to reduce incentives for issuers to establish and operate offshore.
The framework still requires completion of the SEC rulemaking process before issuers can use its proposed exemptions. The SEC opened a 60-day public comment period following publication of the proposal in the Federal Register. Meanwhile, Congress continues work on broader digital asset legislation that could further define federal market oversight.
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