Grayscale Research believes that the SEC’s proposed new token rules, Reg Crypto, could make Ethereum (ETH), Solana (SOL), and BNB Chain the biggest beneficiaries. According to a report by BeInCrypto, the proposal would allow startups in the U.S. to sell newly issued tokens to investors and establish two funding pathways for token financing: up to $5 million within four years and up to $75 million per year.

Grayscale says that a legal token sale will bring founders and investors back on-chain, and the relevant networks will capture activity and value. SEC Commissioner Mark Uyeda supports this shift, saying that clear rules can reduce the incentives for projects to move overseas.