Seeking to establish a new framework for offerings of investment contracts involving crypto assets, the US Securities and Exchange Commission’s proposed Regulation Crypto Assets would, if adopted, establish two new exemptions from the registration requirements of Section 5 under the Securities Act; a safe harbor from being deemed an investment contract under the Securities Act and Exchange Act; and a definition of “qualified purchaser” under the Securities Act that would preempt state securities law registration and qualification with respect to offers and sales of covered investment contracts conducted pursuant to a Regulation Crypto Assets exemption….