The SEC is preparing to pave a dedicated path for projects to conduct 'compliant token fundraising' in the U.S. for the first time. The core points boil down to three things: Small project channel: Raise up to $5 million within 4 years, exempt from traditional securities registration, but must disclose information about the project, tokens, risks, etc. Larger fundraising channel: Raise up to $75 million every 12 months, also exempt, but with stricter requirements, including providing financial statements and ongoing reports. The most critical part is Safe Harbor: During early-stage token fundraising, it might be considered an 'investment contract.' But once the team completes the promised core development work and the project truly matures, as long as certain conditions are met, the token may no longer be classified as an investment contract/security.