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The SEC just closed the comment window on its first-ever rulebook built specifically for crypto token sales.
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Regulation Crypto Assets would let startups raise up to 5 million dollars over four years with light paperwork.
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A second exemption would let bigger projects raise 20 to 75 million dollars a year, Reg A style.
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A proposed safe harbor would let a token stop being a security once its network no longer depends on one team.
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The catch: the rule would override state Blue Sky registration laws for these offerings.
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State securities regulators have fought that kind of preemption for years, and they are not quiet about it now.
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About 140 comments came in during the 60-day window that ended October 20, 2026.
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No final rule yet. Law firms expect adoption, if it happens, sometime in 2027.