The crypto industry got a one-two punch of regulatory relief proposals on Tuesday from the Securities and Exchange Commission and the Financial Accounting Standards Board.

The SEC unveiled a proposal for new “Regulation Crypto Assets” rules providing exemptions to the Securities Act of 1933 related to crypto asset investment contracts, according to a Tuesday press release. The plan calls for a one-time exemption that would allow offerings of up to $5 million during a four-year period, and a second provision would allow offerings of up to $75 million during each 12-month period. 

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The SEC’s move drew criticism from accounting columnist and academic Francine McKenna. The Atkins-led SEC “is subverting the legislative process in its proposal, one delayed in voting on the crypto-friendly Clarity Act. This is legislating by agency rulemaking, exactly what Atkins criticized as rulemaking by enforcement in the previous administration,” McKenna wrote in an email.   

Separately on Tuesday, the Financial Accounting Standards Board published proposed new accounting standards that would treat certain digital assets as cash equivalents, teeing up the new guidance for a public comment period ending Nov. 19.  

SEC, FASB advance separate crypto proposals as Clarity Act stalls | CFO Dive