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The SEC just proposed "Regulation Crypto Assets" — a seismic shift from enforcement-led regulation to a framework. The rules offer two exemptions: a $5 million startup exemption over four years and a $75 million annual exemption with reporting requirements, plus a conditional safe harbor that could let tokens shed their "investment contract" label. This comes as the CLARITY Act stalls in Congress, with Polymarket odds at ~20% for passage. The SEC is filling the legislative...
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