Crypto startups have 54 days left to shape the SEC’s proposed $75 million fundraising cap

A US Securities and Exchange Commission proposal to create two crypto fundraising exemptions had drawn 31 posted public comments as of Aug. 27, plus one separately labeled meeting memorandum.

With comments due Oct. 20, remaining commenters had 54 days to seek changes to the framework.

The proposed exemptions would let eligible crypto ventures raise up to $5 million in any four-year period under one path and up to $75 million in each 12-month period under another.

The posted comment file did not identify a major crypto exchange, large asset manager, large token issuer, or established investor advocacy group in its visible row labels.

Crypto commenters target the exemptions’ mechanics

The early letters test where the SEC sets boundaries around disclosure, investor protections, non-cash compensation, and the $75 million ceiling.

Ohanae Securities, an SEC- and FINRA-registered broker-dealer, asked the agency to clarify the $75 million exemption’s availability and proposed Rule 500 preemption. Its comment letter also proposed an EDGAR status hub, stronger Form TR disclosures, and good-faith protection for unaffiliated regulated intermediaries that rely on issuer representations.

ARKONIX focused on whether independent offerings should share the $75 million ceiling merely because they use the same infrastructure. It argued that separate partner vaults should not be aggregated, using an example in which 10 partners each raise $20 million rather than treating their provider as a $200 million issuer.