Blockchain Association requests SEC to increase crypto exempt offering cap to 10 million

The Blockchain Association submitted a comment letter to the U.S. SEC on Oct. 20, proposing to raise the exempt fundraising cap for crypto issuers from 5 million to 10 million. This letter addressed the SEC’s proposed “Regulation Crypto Assets” released in August. The group also suggested increasing the general fundraising exemption limit from 75 million to 150 million over a 12-month period. Additionally, it called for codifying guidance related to the Howey Test, which determines if an asset is a security, and allowing third parties to seek regulatory treatment for tokens already in circulation. The SEC previously stated it would continue accepting comments on the proposed rules for crypto issuer fundraising beyond the formal comment period.

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