SEC's "Safe Harbor" crypto proposal submitted to the White House for review, potentially to be announced soon

ME News update: On April 7 (UTC+8), SEC Chair Paul Atkins said that a proposal for a “safe harbor” framework—intended to provide a launch exemption for crypto projects—has been submitted to the White House’s Office of Management and Budget (OIRA) for review, which is the final step before formal release. The proposal includes a “startup exemption,” allowing stakeholders in the crypto industry to raise a certain amount of funding within four years while providing specified disclosures. In addition, Atkins also put forward a proposal for an “investment contract safe harbor,” to be combined with the token classification-based interpretive guidance that the SEC published in March this year. Atkins noted that legislation is necessary because it can provide a more solid and durable regulatory framework than agency rulemaking. In addition, the SEC is also studying an “innovation exemption” as a regulatory sandbox for on-chain assets. The proposal has sparked widespread discussion over the past year between crypto supporters and traditional financial institutions. Atkins said the SEC has the authority to move forward with the innovation exemption and will publish the relevant parameters soon. He believes there is still a lot of work to be done in this area. (Source: PANews)