US SEC Pushes 'Regulation Crypto' — Is a Specialized Crypto Fundraising Law on the Way?

The 'regulatory barrier' has always been the biggest source of hesitation for builders when preparing new Web3 projects. However, the US Securities and Exchange Commission (SEC) has recently caught the industry's attention by proposing 'Regulation Crypto,' a tailored fundraising regulatory framework specifically for digital assets. Following the vote on this proposal during the public meeting on August 14, the atmosphere has begun to shift slightly. Let's take a quick look at how this might mark a significant turn away from the existing, exclusively enforcement-oriented approach.

Are 'Fundraising Exemptions' for Crypto on the Way?

One of the greatest hurdles for crypto projects launching into the world has been 'fundraising.' Traditionally, for a company to raise funds from the public, it must undergo an incredibly complex and demanding securities registration process. For early-stage startups and Web3 builders lacking capital and personnel, this process was an insurmountable barrier, often forcing countless projects to raise funds in a precarious legal gray area.

The newly proposed regulation aims to solve this problem by offering a 'tailored fundraising exemption' specifically for digital assets. The concept is to open an official shortcut where, rather than navigating the complex traditional securities registration process, projects can legally raise funds by meeting specific criteria tailored to the unique nature of digital assets.

This is not about finding loopholes to dodge regulatory oversight, but rather about creating a clear set of guidelines where the government officially validates what is 'safe' as long as certain standards are met. If this system is actually implemented, projects could step out of the shadow of regulatory risk and focus more stably on development.

When Does a Security Stop Being a Security? Establishing a 'Clear Boundary'

There is one particular aspect of this proposal that the industry is especially welcoming: the promise to establish clear criteria for 'at what point a digital asset can be released from securities regulation.'

This ambiguity has been one of the most frustrating points for many projects, as it was difficult to determine if a digital asset classified as a security would be trapped in that regulatory framework forever. The proposal intends to provide a rational milestone, allowing projects to be exempted from securities regulation once the network is sufficiently decentralized or its practical utility is confirmed.

Of course, we will have to wait and see how the specific decentralization requirements or utility standards are finalized in the final rules. However, if the blurry lines of regulation can be made even slightly clearer, it should be a significant help for builders to operate their projects while avoiding legal risks.

The Chair Paul Atkins Era and the Shift in Regulatory Paradigm

One reason the industry is particularly welcoming of this announcement is its deep connection to the regulatory philosophy of current SEC Chair Paul Atkins. Until now, the crypto industry has expressed disappointment that the SEC was pressuring the market through sudden lawsuits rather than providing clear standards.

Under Chair Atkins, the weight appears to be shifting toward providing tailored guidelines that fit the characteristics of the digital asset market, rather than rushing to enforcement. The push for this regulatory proposal is a notable demonstration of a shift in leadership, as the regulator has chosen to establish a framework rather than initiate litigation.

Of course, this vote is just the first step in proposing the regulation, and we must watch the coordination process calmly until specific details and a final rule are settled. Nevertheless, the fact that the direction of regulation—previously focused solely on enforcement—is changing is being interpreted by the market as a meaningful signal of change.

What We Should Keep an Eye On Moving Forward

This vote is a meaningful first step in opening a path for crypto projects to raise funds through a tailored, institutionalized framework. As this is still just a proposal in the early stages, one single measure will not magically resolve all complex regulatory conflicts overnight.

We need to observe calmly how effective the upcoming draft of the specific rules will be, and how global builders will actually utilize them. As this is a time when the broader flow of regulatory standards could shift, it is advisable to keep a close watch on these developments and prepare accordingly.