According to CoinMeta, SEC just proposed to allow crypto projects to raise $75 million without the need for full registration, but the market responded tepidly to this idea. Eight years have passed, and the initial hype of early token offerings has become a thing of the past; the paths offered by regulatory authorities have been abandoned by the market. The capital flowing into the industry now takes channels that were not addressed by this proposal. SEC has considered this situation repeatedly over the past decade.