Grayscale Research has weighed in on the SEC’s proposed “Regulation Crypto Assets” framework, arguing that clearer rules could reopen a compliant path for token-based fundraising in the United States.

The proposal, introduced on August 18, would create exemptions for certain token offerings, including possible tracks up to $5 million or $75 million, depending on the structure and requirements.

That is a big deal if it moves forward.

For years, US token fundraising has been caught between two bad options: operate offshore or risk enforcement. A workable domestic exemption could give startups a path to raise capital with clearer disclosures and compliance obligations.

But this is still a proposal. It is not final law. It is not SEC…