Grayscale: The new SEC regulations may benefit ETH, SOL, and BNB, and on-chain issuance will drive value back

According to Bitcoin.com, Grayscale's research director Zach Pandl pointed out in an analysis report that if the SEC's proposed new regulations on crypto asset financing (Regulation Crypto Assets) are ultimately implemented, Ethereum, Solana, and BNB Chain may become the main beneficiaries.

The proposal establishes two exemption paths: projects raising less than $5 million can be exempt from registration for four years, and projects raising less than $75 million can be exempt from registration for one year, with a conditional safe harbor designed to provide a clear domestic compliance path for crypto asset issuance and reduce the motivation for issuers to operate overseas. Pandl noted that tokenized financing has previously been hindered by regulatory ambiguity, and if the new regulations stimulate issuance activities, it will bring more U.S. issuers and investors on-chain, driving value back to underlying networks and native tokens such as ETH, SOL, and BNB. The proposal is still in the public comment phase, and the final rules may be adjusted based on public feedback and SEC review; increased network activity does not guarantee a rise in token prices.