Major news: The public comment period for the U.S. SEC’s “new token issuance rules” closes on October 20 (U.S. time). Airdrop hunters and project teams alike should take a look 🇺🇸
The proposal is called Regulation Crypto Assets and was introduced in August. Put simply, it would create a clear legal path for “issuing tokens legally in the U.S.”:
🔹 Startup exemption: Raise up to $5 million over four years, with simplified disclosures and no mandatory audit
🔹 Fundraising exemption: Up to $20 million (Tier 1) or $75 million (Tier 2) every 12 months
🔹 Safe harbor: Once a project team completes the core development it committed to, its token may no longer be treated as a security
🔹 Qualifying offerings and some secondary-market transactions would no longer need to be registered state by state
A few easily overlooked details:
1️⃣ The test for determining whether a token is a security still dates back to a 1946 case involving a citrus grove. Over the past decade, many projects have simply issued tokens overseas or excluded U.S. users from airdrops
2️⃣ The Hyperliquid Policy Center submitted a comment letter on October 19 supporting the rules while proposing five changes: explicitly state that “airdrops do not constitute investment contracts”; clarify that steps such as connecting a wallet and passing sanctions screening to claim an airdrop do not count as payment; clarify the rules for secondary-market trading; allow projects to use the safe harbor without first admitting that their tokens were securities; and treat automatic protocol buybacks differently from discretionary buybacks
3️⃣ Some analysts point out that the proposal does not provide an exemption for the brokers and exchanges that actually match trades in these tokens
4️⃣ For now, this is only a proposal. The SEC may still revise it after the comment period ends, and it has not taken effect
What does this mean for ordinary token holders? If the proposal is ultimately adopted, U.S. users may be excluded from airdrops less often, and the requirements for projects to issue tokens compliantly in the U.S. may become much clearer.
Do you think “airdrops are not securities” will make it into the final rules?
#CFTC推进RegCAM自愿监管框架 #ETH #SOL
The proposal is called Regulation Crypto Assets and was introduced in August. Put simply, it would create a clear legal path for “issuing tokens legally in the U.S.”:
🔹 Startup exemption: Raise up to $5 million over four years, with simplified disclosures and no mandatory audit
🔹 Fundraising exemption: Up to $20 million (Tier 1) or $75 million (Tier 2) every 12 months
🔹 Safe harbor: Once a project team completes the core development it committed to, its token may no longer be treated as a security
🔹 Qualifying offerings and some secondary-market transactions would no longer need to be registered state by state
A few easily overlooked details:
1️⃣ The test for determining whether a token is a security still dates back to a 1946 case involving a citrus grove. Over the past decade, many projects have simply issued tokens overseas or excluded U.S. users from airdrops
2️⃣ The Hyperliquid Policy Center submitted a comment letter on October 19 supporting the rules while proposing five changes: explicitly state that “airdrops do not constitute investment contracts”; clarify that steps such as connecting a wallet and passing sanctions screening to claim an airdrop do not count as payment; clarify the rules for secondary-market trading; allow projects to use the safe harbor without first admitting that their tokens were securities; and treat automatic protocol buybacks differently from discretionary buybacks
3️⃣ Some analysts point out that the proposal does not provide an exemption for the brokers and exchanges that actually match trades in these tokens
4️⃣ For now, this is only a proposal. The SEC may still revise it after the comment period ends, and it has not taken effect
What does this mean for ordinary token holders? If the proposal is ultimately adopted, U.S. users may be excluded from airdrops less often, and the requirements for projects to issue tokens compliantly in the U.S. may become much clearer.
Do you think “airdrops are not securities” will make it into the final rules?
#CFTC推进RegCAM自愿监管框架 #ETH #SOL