US banks push back on SEC's $75M crypto fundraising exemptions
- —The Aug. 21 proposal would let qualifying projects raise up to $5M over four years or $75M annually without registration
- —ICBA cited a modeled scenario of $1.3 trillion leaving community banks and an $850B cut in lending capacity
- —Bitwise wants safe-harbor protection for funds; Nasdaq urged excluding tokenized stocks and ETFs from the exemptions
- —Public Citizen and former SEC official John Reed Stark demanded withdrawal, warning of immediate legal challenge
Why it matters: The outcome will shape whether US crypto projects can raise capital without registration and how quickly tokens can exit investment-contract status.
Source: CryptoSlate