Asset manager Grayscale has identified Ethereum (ETH), Solana (SOL), and BNB Chain (BNB) as potential beneficiaries of proposed U.S. fundraising rules for digital assets. According to an analysis published by Grayscale Head of Research Zach Pandl on Aug. 19, the proposed guidelines could increase onchain issuance and bring more U.S. issuers and investors onto public blockchains.
The Securities and Exchange Commission (SEC) proposed Regulation Crypto Assets on Aug. 18 to establish tailored exemptions for certain investment contracts involving digital assets. The framework introduces two potential offering paths for eligible issuers: one permitting fundraising of up to $5 million over four years, and a second allowing offerings of up to $75 million during each 12-month period, subject to expanded disclosure and reporting obligations.
Under the proposal, certain tokens could potentially exit investment-contract treatment through a conditional safe harbor. Both offering routes would remain subject to federal antifraud and antimanipulation provisions.
Grayscale's analysis notes that regulatory ambiguity has previously hindered token-based fundraising. If the new rules stimulate higher issuance activity, the underlying networks and their native assets could see increased value. However, the report emphasizes that potential gains remain conditional, and investors still face standard market risks. The regulatory framework remains a proposal and cannot support compliant offerings until the SEC completes its rulemaking process.
