3 Altcoins Grayscale Says Could Win From New US Token Rules

Grayscale Research says three altcoins could be the biggest winners from new US token rules. The asset manager points to Ethereum (ETH), Solana (SOL), and BNB Chain.

The Securities and Exchange Commission (SEC) proposed Regulation Crypto Assets, or Reg Crypto, on Tuesday. The plan would let startups sell newly issued tokens to US investors after years without a clear path.

Why Grayscale Sees ETH, SOL, and BNB as Winners

Grayscale published its case hours after the SEC released the proposal. Its logic is simple. Legal token sales would pull founders and investors onchain. The networks hosting those sales would capture the activity and the value.

The demand already has a track record. More than 1,500 projects raised a combined $12.9 billion through initial coin offerings (ICOs). That figure comes from research by the National Bureau of Economic Research (NBER). The wave peaked in 2017-18. However, later fundraising models moved offshore and shut out US investors.

“The SEC just proposed new crypto regulation. Since the ICO boom of 2017, token-based fundraising in the US has lacked regulations. “Reg Crypto” would change that,” Grayscale wrote.

The market is already moving. ETH trades near $2,179 after a 15% jump in 24 hours. Meanwhile, SOL sits at $86.98, and BNB holds near $630.

Grayscale has also put money behind the theme. This month, the firm made BNB its largest fund holding in its Smart Contract Fund, with a 30.6% weighting.

What the New US Token Rules Would Change

Reg Crypto creates two fundraising lanes. Startups could raise up to $5 million over four years under a one-time option. A second lane allows $75 million per year. That route requires financial statements and ongoing reports.

The proposal also gives tokens an exit from securities treatment. A token leaves once its issuer completes all essential managerial efforts. Officials call this the Investment Contract Safe Harbor.

That exit question fueled the SEC’s long court fight with Ripple over XRP. The new SEC crypto rules now answer it on paper.

SEC Commissioner Mark Uyeda backed the shift. He said clear rules should cut the incentive for founders to launch offshore. The proposal would also stand in for parts of the CLARITY Act. That broader market structure bill slipped to September in the Senate.

A 60-day comment period opens once the plan reaches the Federal Register. A separate innovation exemption for trading rules is expected later this year. The next test is simple. Will US founders actually bring their raises onchain?