**SEC Proposes First Crypto Rulebook**

 Projects can raise up to **$75 million a year** without registering as securities.

 A separate one-time exemption allows up to **$5 million over four years**.

 A token **stops being a security** once the team completes what it promised to build.

 **State securities rules** are overridden for these offerings.

 Projects still have to **disclose key information** to investors.

 The public comment period runs for **60 days**.

**** **[@venture](https://t.me/venture)