According to CoinMeta, the US SEC announced proposed regulations for crypto asset regulation on August 18th, allowing startups to raise up to $5 million over a period of 4 years, or eligible issuers to raise up to $75 million within 12 months. Winston and Strawn partner Drew Hinkes stated that theoretically, a project could raise $75 million every 12 months. Sidley, the head of fintech and blockchain business, Lilya Tessler, pointed out that subsequent financings would require re-submission of the prospectus and acceptance of SEC review. Duke University's financial regulatory expert, Lee Reiners, believes that it is unlikely for such rules to recreate the early 2017 hype seen in initial coin offerings (ICOs). SEC estimates that about 130 offerings per year will utilize the aforementioned exemptions, and approximately 475 issuers may benefit from the safe harbor provisions of investment contracts. The proposal stipulates that investment contracts related to crypto assets may be transferred along with tokens in secondary market transactions.