The Securities and Exchange Commission proposed new rules Tuesday that would let crypto projects raise funds without requiring full securities registration, abruptly changing course after calling off a meeting late last week in which the Commission was expected to introduce the measures.

Under “Regulation Crypto Assets,” a startup exemption would allow digital token offerings of up to $5 million over four years. A second exemption would allow token issuers to raise up to $75 million every 12 months if they provide financial statements and ongoing reports.

Both would require disclosures, while federal antifraud and…