The US Securities and Exchange Commission today proposed a new regulatory framework for cryptocurrency assets, the first major step under US President Donald Trump’s administration to give the industry the tailored rules it has long pushed for.

The SEC’s proposal would exempt certain crypto companies and offerings from US securities rules, which should make it easier for crypto companies to issue tokens and raise money.

The SEC’s plan “seeks to provide crypto asset entrepreneurs and market participants with clear pathways to raise capital under the federal securities laws,” Chairman Paul Atkins said in a statement.

It would allow a one-time exemption to issue up to $5 million in crypto tokens during a four-year…