According to CoinMeta, the new regulatory proposal for crypto assets proposed by the U.S. Securities and Exchange Commission (SEC) was published in the Federal Register on August 21, initiating a 60-day comment period that concluded on October 20. The proposal establishes an issuance framework for crypto asset investment contracts and includes two exemptions from registration: entities that have raised no more than $5 million in total within four years and no more than $75 million in any 12-month period. Issuers are required to provide information disclosure, and those under the second exemption must provide financial statements and assume reporting obligations. The proposal also contains conditional safe harbor provisions; when certain conditions are met, crypto assets will not be considered investment contracts.