Crypto startups have 54 days left to shape the SEC’s proposed $75 million fundraising cap

The U.S. Securities and Exchange Commission (SEC) has opened a comment period on two proposed crypto fundraising exemptions. Commenters have until October 20, 2026—54 days from the latest update—to influence the final rules.

Proposed exemption thresholds

The SEC’s framework would allow eligible crypto ventures to raise up to $5 million over any four‑year period under one exemption, and up to $75 million in a twelve‑month period under a second exemption.

Public comment activity

As of August 27, the docket shows 31 public comments and one meeting memorandum. No major crypto exchange, large asset manager, large token issuer, or established investor advocacy group is identified in the visible docket entries.

Key positions from commenters

• Ohanae Securities – Requested clarification on the $75 million exemption’s availability, suggested Rule 500 preemption, and proposed an EDGAR status hub, stronger Form TR disclosures, and good‑faith protection for unaffiliated regulated intermediaries.
• ARKONIX – Argued that independent offerings using the same infrastructure should not be aggregated for the $75 million ceiling, citing a scenario where ten partners each raise $20 million.
• Beeezo – Asked the SEC to differentiate genuine commercial activity paid with stable‑value compensation from services provided to an issuer for its own token when assessing non‑cash consideration.
• Tilden Moschetti – Opposed the startup exemption as drafted and called for clearer entity eligibility, individual investment limits, scaled financial assurance, permanent EDGAR disclosure, rapid material updates, and tighter resale and insider safeguards.
• The Digital Chamber – Noted that its docket entry records an August 19 meeting rather than a substantive public comment, and highlighted that its Token Alliance submitted 13 responses covering all 48 questions in an earlier SEC request.

Remaining window for input

The October 20 deadline means the comment period is rapidly closing, limiting the opportunity for additional stakeholders to add positions to the formal rulemaking record.