The SEC proposed a framework on Aug 18 with a "Startup Exemption" of up to $5M for 4 years, a "Fundraising Exemption" of up to $75M for 1 year, and a safe-harbor path for tokens to move out of security status once projects decentralize. The 60-day comment period is now open while Congress's CLARITY Act remains stalled.
Matters because: Clearer token-issuance rules could lower legal risk for U.S. launches and support new project formation, even though implementation is still months away.