Ủy ban Chứng khoán Hoa Kỳ đề xuất bán token mở, nhưng nhu cầu thị trường ICO rõ ràng đã giảm

The Huoxing Finance report states 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 permitted to raise up to $75 million annually without completing the full SEC registration process. Unlike the 2017 ICO boom, the new framework will require issuers to disclose information and may entail higher compliance costs; secondary market trading rules after token issuance remain complex. The proposal also aims to allow investment contracts attached to tokens to terminate after the issuer completes or permanently ceases its promised management duties to investors, rather than permanently accompanying the tokens. However, market demand has shifted. Speculative capital is now more concentrated in Bitcoin and a few major tokens, perpetual contracts, prediction markets, and AI-themed stocks; the number of token financings involving crypto venture capital has significantly declined, with some large VC firms expanding their investment scope to AI, robotics, and other frontier technologies. In contrast, during the peak of ICOs in January 2018, monthly fundraising reached approximately $3 billion. Tom Schmidt, General Partner at Dragonfly, said the proposal is “clearly better than nothing,” but the more urgent issue is the regulatory matters originally intended to be addressed by the CLARITY bill stalled in Congress, rather than fundraising. Carlos Guzman, Research Analyst at GSR, noted that ICOs in 2026 are vastly different from those in 2018; the era when a whitepaper and vision alone could attract funding has ended.