According to CoinMeta, and as reported by Bloomberg, the U.S. Securities and Exchange Commission (SEC) has proposed to allow crypto projects to raise up to $75 million per year without undergoing full registration, restarting public token fundraising. At this time, investors' demand for new tokens has significantly declined from the initial issuance boom. The SEC's proposal could provide a legal途径 for U.S. investors to participate in public token sales again, although venture capitalists question whether the market driven by the initial issuance booms of 2017 and 2018 still exists. The proposal is now open for public comment for a period of 60 days. The SEC's proposal also includes two exemptions, allowing projects to raise up to $5 million within four years and up to $75 million within any 12-month period.