The SEC Hands Crypto Projects a $75 Million Shortcut

THE GIST

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Crypto has a funny way of surprising you. The sector will do nothing for months, only ever stealing a headline if it's bad news. If you need an example, look up Michael Saylor's recent implosion at Strategy.

Then good news starts trickling in: an announcement from the Treasury about doubling "liquidity support," UBS increasing its exposure to BlackRock's IBIT ETF by 230%, and the SEC, chaired by a guy who used to be the co-chair of the "Token Alliance," proposing a bullish new rule for the sector.

WHAT HAPPENED

This week, Securities and Exchange Commission Chairman Chairman Paul S. Atkins announced the "most historic step yet" to modernize federal securities regulation for crypto assets, specifically making it easier for crypto projects to raise capital in the U.S.

Bitcoin and various crypto-adjacent companies like Coinbase and Circle all rose on the news.

Atkins's new proposed rule, titled "Regulation Crypto Assets," follows up on the SEC's check-in with the general crypto sector from March. It's an effort to let them know they weren't sitting on their hands. These still-theoretical tools for big and small crypto companies and early, eager pre-sale investors create a structure for these two parties to really make the U.S. the "crypto capital of the world."