According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) officially proposed regulations for crypto assets on August 18th, proposing two exemptions for issuances: projects can raise up to $5 million within four years, while those with larger financing needs can raise up to $75 million within any 12-month period, subject to the obligation to submit financial statements and continue to provide reports. The proposal is currently in a 60-day public comment period and has not yet taken effect. According to data from RootData, among 3,244 crypto projects with financing records of no more than four years, 1,617 projects (49.8%) have raised $5 million or less in total, with a median financing amount of $2.5 million, and approximately 96% of the projects have only recorded one round of financing. Decentralized finance, infrastructure, and gaming projects account for 59.2% of the sample. Of these, 92.9% of the projects have identifiable investors, and 83.5% have disclosed at least two investors. Animoca Brands, Shima Capital, and Big Brain Holdings have been involved in 84, 69, and 67 projects, respectively.