SEC Suddenly Unveils "Regulation Crypto": US Token Financing May Become Legal Again - 深潮TechFlow

On August 18, the U.S. SEC released a proposed 402-page 'Regulation Crypto Assets' rule — the first time in SEC history it has drafted permanent regulatory rules specifically for crypto assets — featuring two registration exemption paths and a safe harbor mechanism for crypto asset investment contracts. The release came four days after the SEC canceled a scheduled August 14 meeting and vote, and follows the Senate's failure to vote on the Digital Asset Market Clarity Act (CLARITY Act) before its August 7 recess, which pushed the procedural vote to September 15. The rule includes a 'Startup Exemption' path for early-stage projects, signaling that U.S. regulators are building a compliant channel for token financing rather than blocking it.