(Bloomberg) — The Securities and Exchange Commission unveiled a proposal to exempt certain digital asset offerings from securities registration statements, as the regulator moves ahead with crypto plans after landmark legislation stalled in Congress.

Offerings up to $5 million would be exempted for four years and offerings up to $75 million would be exempt for 12 months, according to an agency release. Issuers under the second exemption would be required to provide financial statements and meet ongoing reporting requirements, according to the more than 400-page proposed rule.

The proposal is “the commission’s answer to the question that has puzzled innovators since the birth of the blockchain: how can I raise capital to develop a…