US SEC Chairman Proposes Crypto Regulatory Safe Harbor, Covering Three Exemption Paths for Startups and Financing

March 18th, according to the official website of the US SEC, US Securities and Exchange Commission Chairman Paul Atkins, at the DC Blockchain Summit, in addition to releasing new cryptocurrency guidelines, also proposed the concept of a safe harbor for crypto-asset regulation, including three exemption paths: 1. Startup Exemption: For a period of up to four years, allowing projects to obtain a regulatory buffer period before reaching maturity, with fundraising not exceeding $5 million within four years, and requiring the submission of principled disclosure information. 2. Financing Exemption: Allowing fundraising of up to $75 million within 12 months, requiring the submission of disclosure documents including principled disclosures, financial status, and financial statements to the SEC. 3. Investment Contract Safe Harbor: When the issuer completes or permanently ceases the core managerial efforts under an investment contract, the relevant crypto-assets can be exempted from the definition of securities. Atkins stated that this framework draws on Congress's work in recent years, especially the CLARITY Act, and is expected to release proposed rules for public comment in the coming weeks.