Grayscale Analysis Suggests SEC's New Rules May Favor ETH, SOL, and BNB

Grayscale's research director, Zach Pandl, noted in an analysis report that if the SEC's proposed new regulations for crypto asset financing are implemented, Ethereum, Solana, and BNB Chain could become major beneficiaries. The proposal establishes two exemption paths: projects raising less than $5 million can be exempt from registration for four years, while projects raising less than $75 million can be exempt for one year, with a conditional safe harbor aimed at providing a clear domestic compliance path for crypto asset issuance and reducing the incentive for issuers to operate overseas. Pandl stated that tokenized financing has previously been hindered by regulatory ambiguity, and if the new rules stimulate issuance activities, it will bring more U.S. issuers and investors on-chain, driving value back to underlying networks and native tokens like ETH, SOL, and BNB. The proposal is still in the comment phase, and the final rules may be adjusted based on public feedback and SEC review, with increased network activity not guaranteeing a rise in token prices.