[SEC Proposes First Formal Crypto Rules: Token Fundraising Cap at $75 Million with Safe Harbor] Odaily Planet Daily News – The U.S. Securities and Exchange Commission (SEC) yesterday proposed its first formal crypto rules, 'Regulation Crypto Assets,' providing two unregistered pathways for token sales: a one-time fundraising cap of $5 million within four years, or up to $75 million within 12 months. Both types of issuances require principle-based narrative disclosures, resembling white papers in format. The $75 million cap also requires financial statements and ongoing reporting. Related exempt issuances and certain secondary transactions may not be subject to state registration requirements. The proposal establishes a safe harbor clause: tokens that meet the criteria will no longer be considered investment contracts once the issuer completes or permanently ceases all necessary managerial commitments. SEC Chairman Paul Atkins stated that the framework is derived from Commissioner Hester Peirce's Token Safe Harbor proposal introduced in February 2020. (Decrypt)