入门 US Blockchain Association Proposes Decentralization Criteria and Higher Fundraising Exemption Caps to SEC
Quick answer
The US Blockchain Association formally urged the U.S. Securities and Exchange Commission (SEC) on October 21, 2026, to adopt objective, on-chain criteria for determining when a digital asset ceases to be a security — specifically proposing measurable thresholds for network decentralization and raising the cap for Regulation D and Regulation A+ exemptions from $5 million to $15 million per offering. The proposal seeks regulatory clarity without defining specific metrics like node count or validator distribution; those remain unspecified in the letter (Source: wublock123.com, 2026-10-21).
What did the letter propose — and what’s missing?
The association recommended two core changes: first, a framework to assess whether a token’s network has achieved sufficient decentralization to fall outside the Howey Test’s ‘common enterprise’ and ‘expectation of profit’ prongs; second, an increase in the maximum amount issuers may raise under SEC exemptions without full registration. While the letter cited real-world deployment challenges — including inconsistent enforcement and retroactive application of securities law — it did not define technical benchmarks (e.g., minimum active nodes, geographic distribution of validators, or on-chain governance participation rates). No quantitative thresholds were included in the public summary (wublock123.com, 2026-10-21). That omission leaves market participants without actionable guardrails — only directional intent.
How might this affect tokens, projects, and investors?
If adopted, the proposed decentralization standard could reclassify certain long-standing tokens — such as those issued pre-2020 with mature, permissionless networks — away from securities status, potentially unlocking institutional custody, ETF eligibility, and broader exchange listings. For early-stage protocols, the $15 million exemption cap would ease capital formation while still requiring disclosures — though it wouldn’t apply to retail token sales under Regulation CF. Venture-backed Layer 1s and DeFi infra projects may benefit most, as they often straddle the line between utility and investment contract. Conversely, stablecoins, yield-bearing tokens, and tokens with centralized treasury control would likely remain subject to existing securities analysis. Investors holding tokens from projects that later meet the new decentralization bar may see improved liquidity but no automatic change in tax treatment or reporting obligations. For deeper context on how regulators assess digital assets, see our glossary entry on securities classification.
What uncertainties remain — and why does timing matter?
No timeline for SEC response is indicated, and the agency has not signaled receptiveness to codifying decentralization tests. Past staff statements — like the 2019 Framework for “Investment Contract” Analysis — remain non-binding guidance, not rulemaking. Further, the proposal does not address cross-border coordination: tokens compliant under this standard may still face scrutiny from the EU’s MiCA regime or Hong Kong’s SFC rules. The October 21, 2026 date reflects when the letter was published by wublock123.com; the actual submission date to the SEC is not disclosed in the source. This gap means analysts cannot yet assess whether the proposal aligns with current SEC priorities — especially amid ongoing litigation against major exchanges and unresolved questions about staking and liquidity mining. For updates on U.S. regulatory developments, follow our news section.
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