# SEC Crypto Rule Comment Deadline Arrives as Fundraising Exemptions Draw Debate By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/35584 Published: 2026-10-20T11:23:39.000Z Updated: 2026-10-20T11:23:39.000Z Section: Regulation > The proposal would create a $5 million exemption over four years and a separate exemption with $20 million and $75 million tiers over 12 months. The SEC’s comment period on Regulation Crypto Assets closes Tuesday, leaving the agency to weigh proposed fundraising exemptions and a conditional safe harbor that could change how crypto assets are treated under securities rules. Issued Aug. 18, the proposal would let eligible issuers raise up to $5 million over four years through one exemption. A separate exemption would have two tiers, allowing up to $20 million or $75 million within a 12-month period, with $75 million as the higher limit. The draft also sets conditions under which a crypto asset would no longer be treated as subject to an investment contract. Issuers would remain subject to antifraud and antimanipulation laws. MiCA Crypto Alliance supported the proposed disclosure approach but sought more detail on rights attached to crypto assets, technical audits and the distinction between an investment contract issuer and a crypto asset issuer. Anthony Scaramucci, founder and managing partner of SkyBridge Capital II, LLC, supported the proposal while calling for clearer safe harbor criteria. Five securities law scholars urged the SEC to re-propose the rule, challenging both the different treatment of crypto investment contracts and the case for principles-based disclosures. The [Hyperliquid Policy Center’s proposed changes]() to the same rule include guidance on buybacks and a standard definition of “central party.” Comments are due Oct. 20. The SEC has not adopted a final rule. ## Links in this article - [Hyperliquid Policy Center’s proposed changes](https://www.tokenpost.com/news/regulation/34874)