State regulators have made their position clear: the federal exemption is too broad and could push state-level review aside.
According to reports by Bitcoin News and others, the California Department of Financial Protection and Innovation (DFPI) submitted a comment letter to the SEC opposing its proposed Crypto Asset Regulation, saying the plan could weaken investor protections and limit states’ ability to review offerings. One part of the proposal would allow eligible issuers to raise up to about $5 million over four years under a startup exemption; another crypto fundraising exemption would allow up to $75 million to be raised over 12 months.
How to read this: The dispute is not about whether to regulate, but how broad the federal safe harbor should be and how much authority state-level reviews would retain. If the exemption threshold is too lenient, issuance costs may fall, but opportunities for regulatory arbitrage may also increase. If state-level feedback is adopted, implementation could move more slowly, but disclosure requirements and local accountability may carry more weight. It is more useful to watch the outcome of the comment period and the final text’s provisions on preserving state review authority than to focus on slogans.
#加密监管 #SEC #加州 #Compliance
According to reports by Bitcoin News and others, the California Department of Financial Protection and Innovation (DFPI) submitted a comment letter to the SEC opposing its proposed Crypto Asset Regulation, saying the plan could weaken investor protections and limit states’ ability to review offerings. One part of the proposal would allow eligible issuers to raise up to about $5 million over four years under a startup exemption; another crypto fundraising exemption would allow up to $75 million to be raised over 12 months.
How to read this: The dispute is not about whether to regulate, but how broad the federal safe harbor should be and how much authority state-level reviews would retain. If the exemption threshold is too lenient, issuance costs may fall, but opportunities for regulatory arbitrage may also increase. If state-level feedback is adopted, implementation could move more slowly, but disclosure requirements and local accountability may carry more weight. It is more useful to watch the outcome of the comment period and the final text’s provisions on preserving state review authority than to focus on slogans.
#加密监管 #SEC #加州 #Compliance