US securities regulator proposes long-awaited crypto rules

WASHINGTON, Aug 18 (Reuters) - ‌The U.S. ​Securities ​and Exchange Commission on Tuesday proposed a new regulatory framework for crypto assets, ‌the first major step under U.S. President Donald ⁠Trump's administration to give the industry the tailored rules ‌it has long pushed ‌for.

The SEC's proposal would exempt certain crypto companies and offerings from U.S. securities rules, which should ​make it easier for crypto companies to issue tokens and raise money.

The SEC's plan "seeks ⁠to provide crypto asset entrepreneurs and market participants with clear pathways to ​raise capital under the federal securities laws," Chairman Paul Atkins said in a ​statement.

It would allow a one-time ‌exemption to issue up to $5 million in crypto tokens during a four-year period. ⁠It would also allow offerings of up to $75 million during each 12-month period, though issuers would still ⁠have to provide financial statements and meet regular reporting requirements. ​Under both exemptions, token issuers would still need to disclose certain information to investors.

The SEC's proposal also includes a ‌safe harbor that would exclude a crypto asset from being deemed an investment ‌contract, if certain conditions are met.

(Reporting by Ryan ⁠Patrick Jones and ‌Daphne Psaledakis in ​Washington, Chris Prentice in Houston and Hannah Lang in New York; Editing by Katharine ‌Jackson)

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