According to CoinMeta, Wu said that the U.S. Securities and Exchange Commission (SEC) has proposed to introduce “regulation crypto assets” to establish a specialized securities issuance regime for certain investment contracts involving crypto assets. The proposal includes two exemptions from the Securities Act: one is a one-time exemption that allows issuers to raise up to $5 million over a four-year period, and the other allows issuers to raise up to $75 million every 12 months. Both exemptions require the provision of relevant information to investors, and the latter also requires the provision of financial statements and compliance with ongoing reporting obligations. The proposal also includes a conditional safe harbor; once certain conditions are met, crypto assets will no longer be considered subject to the constraints of “investment contracts.” Securities issued under these exemptions, as well as some secondary market transactions, may be exempt from state-level securities registration and qualification requirements. The proposal will be open for public comment for 60 days after it is published in the Federal Register.