SEC's Crypto Asset Rules Proposal Ends Public Comment Period with About 140 Comments Received

On October 20, citing Cointelegraph, the U.S. SEC will end the public comment period for its "Regulation Crypto Assets" rule proposal on Tuesday. The proposal was introduced in August, and about 140 comments were received during the 60-day comment period, six of which were submitted anonymously. The comments mainly concerned two parts: first, a safe harbor provision that would prevent token issuers from being deemed "investment contracts"; and second, exemptions for issuances below a certain amount. The MiCA Crypto Alliance generally supported the changes to disclosure requirements and suggested that the SEC further define concepts and data structures specific to crypto assets. SkyBridge Capital founder Anthony Scaramucci expressed support for the rules. Previously, Congress failed to pass the CLARITY Act. Some legal experts believe that, compared with congressional legislation, regulatory rules are easier to overturn.