RegulationAug 20, 2026

Grayscale Flags Ethereum, Solana, BNB as Winners of SEC’s Token Rules

Grayscale Research says the SEC's $5M–$75M fundraising exemptions could push more token issuance onto Ethereum, Solana and BNB Chain.

Elena Vasquez

DeFi & Protocols. Elena tracks total value locked,

2 min read

Grayscale Flags Ethereum, Solana, BNB as Winners of SEC’s Token Rules

Grayscale Research has singled out Ethereum, Solana and BNB as the networks best positioned to capture new token issuance if the U.S. Securities and Exchange Commission’s proposed “Regulation Crypto Assets” framework becomes final. The proposal, unveiled recently, would create two new fundraising exemptions — set at $5 million and $75 million — alongside a conditional token safe harbor, and is now open for a 60-day public comment period.

According to Grayscale, the combination of clearer disclosure requirements and defined exemption tiers could persuade token issuers who have avoided the U.S. market since 2017–2018 to launch domestically again. That shift, the firm argues, would concentrate a larger share of new token activity on the public blockchains that already host the deepest developer and liquidity ecosystems — chiefly Ethereum, Solana and BNB Chain.

What the SEC proposal actually changes

Regulation Crypto Assets, as reported across multiple outlets, gives issuers two paths to raise capital without registering a full securities offering: a smaller exemption capped near $5 million and a larger one near $75 million. Both come with disclosure obligations designed to give investors baseline information about a token sale while sparing smaller projects the cost of a traditional registration.

The conditional token safe harbor, the second pillar of the proposal, would let networks meeting certain decentralization or maturity conditions exit securities-law treatment for their tokens over time. Together, the two mechanisms are meant to give projects a legal on-ramp for U.S. fundraising and a legal off-ramp once a token’s ecosystem is sufficiently decentralized.

Why Grayscale points to ETH, SOL and BNB

Grayscale Research’s thesis is straightforward: if U.S.-based token fundraising becomes legally viable again, issuers will default to the chains with the largest existing user bases, tooling and liquidity — reducing friction for new projects and their investors. Ethereum, Solana and BNB Chain currently host the bulk of active token launches and decentralized application activity outside stablecoins, making them the natural landing spots for any rebound in onshore issuance.

For holders of ETH, SOL and BNB, the argument is less about a direct price catalyst today and more about a structural tailwind: more issuance activity on a network typically means more transaction volume, more demand for block space, and potentially more fee revenue accruing to the base layer over time. None of this guarantees a near-term price move, and Grayscale’s note is a forward-looking assessment rather than a confirmed market outcome.

What comes next

The SEC’s proposal remains in the public comment stage, with the 60-day window giving market participants, legal counsel and industry groups a chance to push back on specific thresholds or disclosure terms before any final rule is adopted. Traders should treat Grayscale’s list of likely beneficiaries as an analyst’s read on regulatory direction, not a settled fact about where new token launches will land once — or if — the rule takes effect.