ChainThink reports that, on August 28, according to Bloomberg, the U.S. Securities and Exchange Commission (SEC) has proposed rules this month to reopen public token sales to U.S. investors, allowing crypto startups to raise up to $5 million, with larger projects able to raise up to $75 million annually without completing a full SEC registration process.
The new framework requires issuers to disclose information, which may result in higher compliance costs; the trading rules for secondary market transactions after token issuance remain complex. The proposal also allows the investment contract attached to the token to be terminated after the issuer completes or permanently ceases its management duties, rather than permanently remaining tied to the token.
However, market demand has clearly weakened. Speculative capital is increasingly concentrated in Bitcoin, major tokens, perpetual contracts, prediction markets, and AI-themed stocks; the number of token financings involving crypto venture capital has declined, and some major VCs have expanded their investments into AI, robotics, and other areas.
During the peak in January 2018, ICOs raised approximately $3 billion in a single month.
Dragonfly partner Tom Schmidt said the proposal is "clearly better than nothing," but the more urgent issue is Congress's stalled CLARITY bill.
GSR analyst Carlos Guzman said that ICOs in 2026 are different from those in 2018; the era of raising funds based solely on whitepapers and visions has ended.