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

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