Today, the U.S. SEC proposed the Crypto Regulation. The initiative creates a specific regime for certain offers of investment contracts involving cryptoassets. There are two exemptions: one of up to $5 million over four years and another of up to $75 million per year. Both require narrative, principle-based disclosures. The second also requires financial statements and ongoing reporting. The anti-fraud and anti-manipulation rules continue to apply. There is also a conditional safe harbor: only after the issuer completes or permanently ceases the essential managerial efforts will the asset stop being treated as an investment contract.
This is not limitless openness. It is a model that protects investors with information, proportional transparency, and accountability, while avoiding the burden of a traditional registration process that often makes projects impossible at the beginning. People who put in money gain more clarity about what they are buying and less gray area. Those who build gain a predictable path to raise funds without being suffocated by rules made for another century. The safe harbor only applies when the essential work promised actually ends.
This balance matters. Excessively rigid or undefined rules do not protect investors. They push projects out, reduce transparency, and leave the public more exposed to opaque offerings. Well-calibrated rules do the opposite: they bring innovation closer, improve the quality of information, and strengthen protection for those who invest.
Brazil has talent, adoption, and an ecosystem that has already shown its capacity. What’s missing is a framework with that same logic: genuinely defending investors while also not stifling or killing innovation before it’s born. The CVM and the Central Bank can build a Brazilian path in that direction. Clarity, proportionality, and accountability. Without that, we continue to lose projects, capital, and opportunity. With it, we protect investors and give the country room to innovate seriously.
This is not limitless openness. It is a model that protects investors with information, proportional transparency, and accountability, while avoiding the burden of a traditional registration process that often makes projects impossible at the beginning. People who put in money gain more clarity about what they are buying and less gray area. Those who build gain a predictable path to raise funds without being suffocated by rules made for another century. The safe harbor only applies when the essential work promised actually ends.
This balance matters. Excessively rigid or undefined rules do not protect investors. They push projects out, reduce transparency, and leave the public more exposed to opaque offerings. Well-calibrated rules do the opposite: they bring innovation closer, improve the quality of information, and strengthen protection for those who invest.
Brazil has talent, adoption, and an ecosystem that has already shown its capacity. What’s missing is a framework with that same logic: genuinely defending investors while also not stifling or killing innovation before it’s born. The CVM and the Central Bank can build a Brazilian path in that direction. Clarity, proportionality, and accountability. Without that, we continue to lose projects, capital, and opportunity. With it, we protect investors and give the country room to innovate seriously.