Grayscale's research team says the SEC's proposed Regulation Crypto Assets framework could reopen the door for token-based fundraising in the United States. The proposal, if adopted, would create new routes for issuers to raise money without running into the regulatory fog that has pushed much of that activity offshore. Grayscale Research sees the clearer rulebook as a potential tailwind for major public blockchains, singling out ETH, SOL, and BNB.
What the proposal would change
The SEC's draft regulation is aimed at giving token issuers a defined path to market. Right now, a project that wants to sell tokens to US investors often has to argue about whether those tokens are securities, commodities, or something else entirely. That ambiguity has made lawyers cautious and issuers skittish.
Under the proposed framework, the rules would be spelled out in advance. Issuers would know what disclosures they need to file, what restrictions apply, and how to stay on the right side of the law. Grayscale's read is that this predictability alone could pull fundraising activity back into the United States.
Why ETH, SOL, and BNB stand to gain
More token issuers operating in the US doesn't just help the issuers. It means more demand for the infrastructure those tokens run on. Grayscale Research specifically flags Ethereum, Solana, and BNB Chain as networks that could see increased activity if the proposal becomes law.
The logic is straightforward: if a wave of new projects launches tokens on those chains, the chains themselves get more usage, more fees, and more attention. For investors holding ETH, SOL, or BNB, that's a structural story rather than a price blip.
The proposal lands at a moment when the US has been losing ground to friendlier jurisdictions. Token issuers have set up shop in Switzerland, Singapore, and the UAE to avoid the legal limbo at home. A workable SEC framework wouldn't just stop that outflow — it could reverse it.
Grayscale's note frames the proposal as a potential turning point for the domestic industry. Clearer fundraising rules, the argument goes, would encourage more token issuers to operate in the United States rather than treating the country as a market to avoid.
The SEC hasn't set a timeline for finalizing the rule, and the comment period is still open. Whether the agency can turn the proposal into a final rule without diluting it into irrelevance is the open question. For now, the mere existence of a draft is enough to get the industry talking.
