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On August 18th, the US SEC announced proposed rules for Regulation Crypto Assets, allowing startups to raise up to $5 million within 4 years, or eligible issuers to raise up to $75 million within 12 months. Winston&Strawn partner Drew Hinkes stated that the project could theoretically raise $75 million every 12 months. Lilya Tessler, the head of Sidley's fintech and blockchain business, pointed out that subsequent financing needs to resubmit the prospectus and undergo SEC review. Duke University financial regulatory expert Lee Reiners believes that this rule is unlikely to replicate the ICO boom of 2017. The SEC expects about 130 issuances per year to use the aforementioned exemptions, and approximately 475 issuers may use the investment contract safe harbor. The proposal stipulates that investment contracts related to encrypted assets may be transferred with tokens in secondary market transactions.