SEC proposes a path for crypto projects to raise $75 million and later end the token’s securities contract

The SEC proposed a rule creating a limited registration pathway that would allow crypto projects to raise up to $75 million under tailored disclosure and compliance conditions, and it includes a mechanism for terminating a token’s securities contract once specified criteria and reporting obligations are met. The plan is intended to give issuers a predictable process to shift a token out of federal securities oversight by meeting objective benchmarks. For Bitcoin—which the SEC has generally not treated as a security—the proposal does not change its status but could reduce sector-wide regulatory uncertainty and thereby indirectly support Bitcoin market confidence and liquidity.