SEC Proposes Crypto Fundraising Exemptions in Abrupt About-Face

In brief

• The SEC proposed exemptions allowing crypto projects to raise up to $5 million over four years or $75 million annually without full securities registration.
• The proposal includes a safe harbor that could allow a crypto asset to separate from the investment contract through which it was sold.
• The SEC moved forward with the proposal days after canceling a meeting on the framework amid…