Key Takeaways:
Regulatory companies proposed Reg Crypto for clearer pointers on token fundraising.Grayscale believes there’s upside to Ethereum, Solana and BNB Chain.Tasks that can qualify could profit from a recent means of securing financing in the US.
The brand new U.S. Securities and Alternate Fee (SEC) crypto rule could revive a fundraising avenue that shifted offshore through the ICO growth years. The framework is the potential driver for extra token issuance and blockchain exercise within the U.S., mentioned Grayscale.
SEC Targets a Lengthy-Standing Crypto Fundraising Hole
The SEC proposed Regulation Crypto Property, or “Reg Crypto,” on August 18, following its March 2026 interpretation of how federal securities legal guidelines apply to crypto belongings and transactions.
The proposal emphasizes newly minted tokens for fundraising, not tokenized shares of an current inventory or different securities. The distinction right here issues, as a result of token financing has been round for quite a lot of years, however given the regulatory uncertainty, many U.S. issuers have struggled to launch a token fundraising providing on their house area.
In accordance with nodes, the 2017–18 ICO cycle illustrated the extent of the demand for tokens from buyers. Newer provides, similar to preliminary trade choices and decentralized trade choices, started to pattern more and more off-shore from the U.S. as tasks appeared elsewhere for extra favorable laws.
Reg Crypto provided eligible points a clearer route into the market and mitigated the benefit of structuring token provides overseas, mentioned Grayscale Head of Analysis Zach Pandl.
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Two Potential Fundraising Paths
The proposed framework supplies exemptions which can allow tasks with particular disclosure and eligibility necessities to draw capital. One possibility may permit for decrease quantities of early-stage fundraising, whereas a large open-ended exemption would permit all issuers which might be a professional issuer to lift $75 million in a 12-month interval.
These are guidelines which might be advised, not precise permissions. Issuers will nonetheless have to fulfill the SEC’s situations, and the framework should bear the rulemaking course of earlier than it takes impact.
Ethereum, Solana and BNB Chain Might Seize Extra Exercise
Grayscale claims that if its tokens are efficiently funded, they are going to create exercise exterior of the issuers.
The extra token releases the extra customers, transactions, liquidity and utility use there can be on the general public blockchains. The corporate pointed to Ethereum, Solana and BNB Chain as networks it believes can be well-positioned to enhance ought to U.S. token issuance speed up.
One other query that’s mentioned once more in Reg Crypto is what occurs when the crypto protocol begins to be automated or decentralized sufficient. The proposal relies on SEC’s March 2026 steering, and might provide a path for some qualifying tokens to transition from an funding contract standing as soon as the issuer’s promised managerial work is completed.
Reg Crypto just isn’t finalized by SEC and the ultimate as much as ultimate necessities could evolve on the general public rulemaking. Nonetheless, Grayscale sees the act as a doable groundbreaking transfer for introducing the token-based capital formation to the U.S. cryptocurrency market.
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