Eight years after the ICO boom, the regulator is offering a path that the market already abandoned. The capital it is trying to regulate now flows through channels the proposal does not touch.
Summary
- The SEC proposed a framework allowing crypto projects to raise up to $75 million annually through public token sales without full securities registration, using an expanded version of existing Regulation A+ exemptions.
- The proposal arrives roughly eight years after the 2017 to 2018 ICO wave that prompted it, during which projects raised over $20 billion through unregistered token sales before the SEC began systematic enforcement.
- In 2026, capital formation in crypto has shifted…
