According to CoinMeta, Coinbase CEO Brian Armstrong welcomed the regulatory proposal for crypto assets proposed by the U.S. Securities and Exchange Commission (SEC), stating that this proposal will provide clear rules for the development of the crypto industry. The proposal aims to create a framework for certain investment contracts and fundraising activities, allowing for the issuance of up to $5 million in specific products over a four-year period, and up to $75 million in issuances per year without the need for SEC registration. Armstrong also called on Congress to pass the "Clarify Act" to further promote the compliant development of the crypto market. The proposal will now enter a public comment phase, with SEC indicating that a 60-day comment period will be opened.