SEC Crypto Safe Harbor Sent to White House OIRA Ahead of Comment

The SEC, led by Chair Paul Atkins, said its “Regulation Crypto Assets” crypto safe harbor proposal is at the White House Office of Information and Regulatory Affairs (OIRA). That is an intermediate step before publication in the Federal Register and a public comment period. The framework builds on a March 17 SEC/CFTC joint interpretive release that introduced a token taxonomy (digital commodities, collectibles, tools, stablecoins, and digital securities). The new crypto safe harbor rule set draws inspiration from Commissioner Hester Peirce’s earlier Token Safe Harbor idea and targets “enforcement-by-ambiguity” by clarifying when token sales may not meet the investment contract standard. Key elements include: (1) a startup exemption for up to ~4 years with a capped amount (about $5m) and principles-based disclosure; (2) a broader fundraising exemption allowing up to roughly $75m per year under stricter conditions; and (3) an investment-contract safe harbor that may help certain tokens avoid securities classification once promised managerial duties end. For traders, the main watch items are the final scope after OIRA review and the timing/terms of the ensuing public comment process—until then, exact thresholds and practical applicability remain uncertain.