Grayscale Research head Zach Pandl said in an analysis note, cited by Bitcoin.com, that Ethereum, Solana and BNB Chain could be among the main beneficiaries if the U.S. Securities and Exchange Commission’s proposed Regulation Crypto Assets is adopted. The proposal lays out two exemption tracks for crypto fundraising: projects raising less than $5 million could receive a registration exemption for four years, while projects raising less than $75 million could qualify for a one-year exemption. It also includes a conditional safe harbor intended to give token issuers a clearer domestic compliance route in the United States. Pandl said tokenized fundraising has been held back by regulatory uncertainty, and argued that a clearer framework could bring more U.S. issuers and investors on-chain. In his view, that could channel value back to underlying networks and native tokens including ETH, SOL and BNB. The proposal is still in the public comment stage, however, and the final rule could change after feedback and SEC review. Pandl also noted that higher network activity would not necessarily translate into token price gains.
Ethereum, Solana and BNB Chain could be the biggest beneficiaries if the U.S. Securities and Exchange Commission moves ahead with its proposed Regulation Crypto Assets, according to a report cited by Bitcoin.com and attributed to Grayscale Research head Zach Pandl.
Two exemption tracks in the proposal
The proposed framework would create two exemption routes for crypto asset fundraising.
- Projects raising less than $5 million could be exempt from registration for four years.
- Projects raising less than $75 million could qualify for a one-year registration exemption.
The proposal also includes a conditional safe harbor designed to provide a clearer domestic compliance path for crypto asset issuance in the United States and reduce the incentive for issuers to operate overseas.
Pandl ties clearer rules to more on-chain activity
Pandl said tokenized fundraising has previously been constrained by regulatory ambiguity. If the rule encourages more issuance activity, more U.S. issuers and investors could move on-chain, which in turn may push value back to base-layer networks and native tokens such as ETH, SOL and BNB.
Rule is still under consultation
The proposal remains in the public comment stage, and the final version could still change based on public feedback and SEC review. Pandl also cautioned that an increase in network activity does not guarantee token price appreciation.
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