SEC's new regulations on encrypted assets published in the Federal Register, opening a 60 day consultation period

The Regulation Crypto Assets proposal proposed by the US Securities and Exchange Commission (SEC) was published in the Federal Register on August 21, with a 60 day comment period starting and ending on October 20. This proposal establishes an issuance system for cryptocurrency investment contracts, with two registration exemptions: cumulative financing not exceeding $5 million within four years; Financing should not exceed 75 million US dollars every 12 months. The issuer shall provide information disclosure, and the issuer under the second exemption shall provide financial statements and assume reporting obligations. The proposal includes conditional safe harbor clauses, and when the conditions are met, encrypted assets do not constitute an investment contract.