Token issuance

SEC

2026-08-21 15:53:26

Galaxy Research Head Says SEC Is Proposing Crypto-Only Rules That Could Open a Legal Path for Token Issuance in the U.S.

Galaxy research head Alex Thorn said the U.S. Securities and Exchange Commission proposed Regulation Crypto Assets, or Reg Crypto, on Aug. 18. He said the framework is designed specifically for crypto asset issuance and sales, rather than applying stock rules to tokens. The proposal could allow eligible token projects to issue to the public, including non-accredited investors, while also creating a process for token-related investment contracts to end once conditions are met. According to Thorn, the proposal would cover crypto assets that are not securities themselves but were issued or sold as part of an investment contract. He said the framework has four stages: fundraising, disclosure, development, and exit. The fundraising stage includes two new exemption paths, including a startup exemption that would allow up to $5 million over four years and a larger exemption similar to Regulation A that would allow between $20 million and $75 million over 12 months. Issuers would also need to disclose token supply, unlock schedules, minting and burning mechanisms, governance rights, smart contract details, source code, and project progress. Thorn said the proposal is notable because it introduces a “token lifecycle” approach, where a token can begin as part of an investment contract and later exit that status through a defined process. The SEC expects about 475 issuers a year could use the investment contract safe harbor, while about 130 projects are expected to use the new fundraising exemptions. Thorn said the near-term impact may be more about resolving existing regulatory uncertainty than triggering a new wave of token launches. The proposal is still in draft form and faces potential regulatory, state-level, and congressional hurdles.

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ChainCatcher

2026-08-20 14:56:25

GMGN data shows the issuer address behind Niu Lai became active again and launched Jinniu

ChainCatcher reported, citing GMGN data, that the issuer address associated with "Niu Lai" became active again 3 hours ago and launched a new token called "Jinniu." The same address has now issued a total of 9 different tokens. GMGN data also shows the address has generated 203.34 BNB in fee revenue, worth about $130,000 at current stated value. The update focuses on the address’s latest on-chain activity and its cumulative issuance count and fee income as presented in the data snapshot.

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SEC

2026-08-20 08:49:07

SEC proposal would open a legal token issuance path in the U.S. by centering disclosure, not merit review

The U.S. Securities and Exchange Commission has released a 402-page crypto asset regulation proposal that would create two exemptions for new crypto projects to issue tokens to users and investors without violating securities laws, according to the article. The proposal keeps anti-fraud rules in place and bars "bad actors" from participating, while requiring issuers relying on either exemption to provide principle-based narrative disclosures. The piece argues that the framework marks a return to the SEC’s original disclosure-first mandate: regulators should make sure investors receive the facts they need, then let them decide for themselves rather than passing judgment on the quality of the investment. It places the proposal in the historical context of Franklin D. Roosevelt’s 1933 message to Congress, Louis Brandeis’s view that disclosure works as a market disinfectant, and former SEC Chair Joseph Kennedy’s explanation that the agency was not created to approve securities. The article also points to Blockworks’ Token Transparency Framework, launched in June 2025, where 75 protocols have filed standardized disclosures and 69 exchanges, custodians and asset managers have joined an alliance that uses those filings in due diligence.

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SEC

2026-08-20 00:24:21

SEC proposes crypto issuance framework with exemptions up to $5 million and $75 million

The U.S. Securities and Exchange Commission has released a proposed rule, Regulation Crypto Assets, aimed at creating a tailored issuance framework for investment contracts involving crypto assets. The proposal introduces two Securities Act Section 5 registration exemptions: a Startup Exemption for projects raising up to $5 million over as long as four years, and a Fundraising Exemption for issuers raising up to $75 million in any 12-month period, with audited financial statements and ongoing reporting required under the larger path. It also includes an Investment Contract Safe Harbor that would allow certain crypto assets to fall outside investment contract treatment once the issuer has completed, or permanently stopped, the essential managerial efforts previously promised to investors. The SEC said the proposal reflects longstanding problems with relying on the Howey test and disclosure rules not built for token economics, governance, and code security. The rule was published on Aug. 18 and has entered a 60-day public comment period. The proposal arrives as the CLARITY Act remains stalled in the Senate, leaving the agency to pursue a regulatory route while legislation remains unsettled.

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SEC

2026-08-19 04:24:17

SEC proposes first standalone crypto asset rule with two fundraising exemptions

The U.S. Securities and Exchange Commission has released a proposed rule titled “Regulation of Crypto Assets,” marking the agency’s first dedicated rulemaking for crypto asset fundraising and the treatment of investment contracts. The proposal creates two exempt offering paths for token issuers. One is aimed at startups and would allow eligible issuers to raise up to $5 million over four years, subject to public filings at the start and end of the offering and required disclosures to investors. The second would permit offerings of up to $75 million per year, but with tighter disclosure standards, financial reporting, and ongoing reporting obligations. The proposal also addresses a long-running question in the crypto sector: when a crypto asset should be treated as an investment contract, and when it can fall outside that framework. SEC Chair Paul Atkins said a proposed safe harbor would apply if an issuer has completed, or permanently ceased, the “essential managerial efforts” promised under the investment contract. The SEC has opened a 60-day public comment period before moving toward a final rule.

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SEC

2026-08-19 01:55:03

SEC unveils Reg Crypto proposal with two fundraising exemptions for token issuers

The U.S. Securities and Exchange Commission on Aug. 18 formally proposed Regulation Crypto Assets, a new rulemaking package tailored to crypto-related investment contracts. The proposal creates two exemptions from registration under the Securities Act of 1933: a one-time path allowing issuers to raise up to $5 million over four years, and a second path permitting up to $75 million in any 12-month period. Both routes would require principle-based narrative disclosure to investors, while the larger exemption would also require financial statements and ongoing reporting. The proposal also introduces a conditional safe harbor for investment contracts. If a crypto asset meets the safe harbor’s conditions, it would no longer be treated as an investment contract under the definitions of securities in the Securities Act of 1933 and the Securities Exchange Act of 1934. SEC Chair Paul Atkins said the aim is to provide crypto founders and market participants with a clearer capital-raising route under federal securities law. The agency said the proposal is intended to clarify when crypto assets fall within federal securities laws, reduce incentives to issue offshore, and expand participation by U.S. investors under a more consistent investor-protection framework. A 60-day public comment period will begin after publication in the Federal Register.

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Ethereum

2026-08-08 13:20:43

Galaxy Research: Ethereum and Solana Revisit Token Issuance Mechanisms

Galaxy Research said Ethereum and Solana are revisiting their token issuance mechanisms. The central question is how to balance the token budget required for network security against long-term supply pressure. According to the research firm, adjusting inflation rates could have implications. The statement was reported by ChainCatcher.

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Uniswap

2026-08-06 07:36:28

Uniswap Founder Says 1% Launchpad Fee Equals Roughly 2% Spread, Defends Pools.trade

Uniswap founder Hayden Adams responded to community criticism on Aug. 6, saying the 1% liquidity pool fee adopted by some token launch platforms is roughly equivalent to a 2% buy-sell spread. He called it their main revenue extraction method, arguing it raises trader costs and makes the initial liquidity pool less efficient as the token scales. Adams contrasted that with Uniswap's pools.trade, which charges 0.25% and automatically reinvests fees, saying it better supports long-term liquidity. He also noted launchpad LP capital often comes from zero-cost locked assets, so it faces no price risk requiring a high fee.

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