SEC draws over 100 comments on proposed crypto rules as airdrop provisions come under scrutiny

The U.S. Securities and Exchange Commission has received more than 100 comment letters on a new crypto rule proposal. The SEC plans to keep accepting comments even after the submission deadline passed on Oct. 20 local time. According to blockchain media outlet Coinpost, key questions have centered on what registration exemptions to allow for crypto fundraising and when tokens fall outside securities classification. Regulation Crypto Assets, proposed by the SEC in August, lays out a framework that exempts certain offerings from registration requirements under securities law for crypto-based fundraising such as ICOs. The proposal includes a "startup exemption" that applies up to $5 million over four years and a "fundraising exemption" for up to $75 million over 12 months.