《Reg CA is not the bull market switch for token issuance, but a 'graduation exam' for circulating tokens》 (Authors: Molly & Jeff & Ethan @ IOSG) Reg CA is currently in the public comment phase, with the review period ending on October 20, 2026. The final rules could be implemented as early as 2027. This proposal provides a startup exemption for projects raising no more than $5 million cumulatively over four years. However, the same issuer and its affiliates can only use it once for the same or substantially similar token, making it difficult to support an ICO 2.0. The focus of Reg CA is Rule 400, which establishes a safe harbor for investment contracts, offering a pathway for circulating tokens—where core managerial efforts have been completed or permanently ceased—to exit their securities status. As an administrative rule, Reg CA cannot amend laws or regulate the CFTC. Additionally, the clause in Rule 500 that excludes the application of state laws might be removed in the final version. Read the full article: https://(wublock123.com)/articles/reg-ca-not-token-bull-switch-graduation-exam-for-circulating-tokens-59450