Grayscale Says SEC Crypto Fundraising Proposal Could Benefit ETH, SOL and BNB

Grayscale ties proposal to network activity

Pandl said the SEC has proposed what he described as a set of rules intended to facilitate token-based fundraising, an area he said has been constrained by regulatory uncertainty. Grayscale linked the proposal to a broader market focus on blockchains used for token issuance, stablecoins and decentralized finance.

According to the analysis, smart contract networks such as Ethereum and Solana provide the infrastructure for digital assets and decentralized applications, making them possible beneficiaries if fundraising shifts onto public chains under a clearer U.S. framework. BNB Chain was also named as a potential beneficiary for the same reason.

Two exempt offering routes in the SEC plan

The SEC proposed Regulation Crypto Assets on Aug. 18. The plan would create tailored exemptions for certain investment contracts involving crypto assets and establish two fundraising paths for eligible issuers.

One route would allow up to $5 million to be raised over four years. A second would permit offerings of up to $75 million in any 12-month period, but with additional disclosure and reporting obligations. Issuers would need to provide narrative disclosures to investors, and companies using the larger exemption would also file financial statements and ongoing reports.

Both paths would still be subject to federal antifraud and antimanipulation rules. The proposal also follows the SEC’s March interpretation of crypto assets and investment contracts, under which a crypto asset could, under specified conditions, stop being treated as part of an investment contract and fall outside those related federal securities requirements.

Aim is to keep issuers in U.S. markets

SEC officials have presented tailored exemptions as a way to reduce the incentive for blockchain developers and token issuers to operate outside the United States. The broader policy direction described in the proposal is to create more defined domestic routes for digital-asset businesses while maintaining investor protections.

Pandl said that if the rules stimulate issuance activity, more U.S. issuers and investors could move onchain, which in turn could direct value back to the blockchains supporting that activity and to their native assets. Grayscale’s argument rests on greater usage of those networks rather than on any guaranteed change in token prices.

Fundraising tokens are separate from tokenized stocks

The SEC proposal focuses on newly issued crypto assets used to fund blockchain projects, not blockchain-based versions of already existing public-company shares. These fundraising tokens may be tied to access to networks, applications or services while also helping finance their development.

That differs from tokenized equities, which can represent existing shares or related claims through different ownership structures. The legal rights for investors, as well as the disclosure and securities requirements, depend on how those products are structured.

Separately, the SEC and the Commodity Futures Trading Commission are working on regulatory coordination across securities and derivatives markets, while the SEC continues developing its own framework for token-based fundraising.

What happens next

Regulation Crypto Assets remains only a proposal and cannot yet be used for compliant offerings. Its final effect will depend on how the SEC completes the rulemaking process, including any changes made after public comment and agency review.

Even if the framework is adopted, the eventual impact would still depend on eligibility standards, how many issuers use it, investor demand and which blockchains are chosen for new offerings. Grayscale also noted that trading and investing risks for ETH, SOL and BNB would remain regardless of the proposal’s outcome.