Yesterday, President Trump signed the Stablecoin Bill into law.

While the headlines focus on stablecoins and digital dollars, for those of us who’ve spent over a decade building the infrastructure and rules around investment crowdfunding, this moment signals something bigger:

Washington is catching up to innovation.

And for the 50 Regulation Crowdfunding (Reg CF) issuers who have already tested the waters with token-based security structures, this could be the beginning of the clarity they’ve long been waiting for.

The Tokenized Pioneers of Regulation Crowdfunding

Since Reg CF went live in 2016, 50 issuers have used some form of token or token-adjacent structure to raise capital through Regulation Crowdfunding.

• 36 of them were funded.
• 14 didn’t make it.
• They spanned 16 states, across a mix of industries.
• The most common structures? Common Stock + SAFT (9), Simple Agreement for Future Token (SAFT) (6), Token (6), and Convertible Debt + SAFT (5)

These weren’t speculative ICOs. These were U.S. businesses raising capital from the crowd—legally—under SEC oversight through Regulation Crowdfunding, on platforms like:

• StartEngine (20 offerings)
• Republic (10 offerings)
• 7 platforms total supporting tokenized securities.

These entrepreneurs were early. In some cases, too early. But they laid important groundwork.

So What Does the Stablecoin Law Mean for Regulation Crowdfunding?

Let’s be clear: the new law focuses on stablecoins, not tokenized securities. But legislation like this does two things:

1. It signals a regulatory shift.

Congress and the White House are moving from “blockchain denial” to “blockchain design.” That’s a seismic shift for anyone using digital assets to represent ownership, raise capital, or build compliance-based infrastructure.

2. It creates momentum for follow-on rules.

At the SEC, there’s already a conversation around new exemptions for tokenization. This bill could accelerate that.

Why This Matters for Regulation Crowdfunding

If the SEC continues moving toward a framework for tokenized securities—especially under exemptions like Regulation Crowdfunding—here’s what’s likely to change:

• On-chain cap tables become viable.
• Secondary liquidity (a huge bottleneck) gets easier to imagine and eventually implement. (Blue Sky laws need to be addressed as well as ongoing disclosures for investor protection).
• Issuers can offer programmable securities with embedded logic for dividends, voting, and transfers.
• Intermediaries—funding portals and broker-dealers—gain confidence to support digital asset offerings more robustly.

That’s real innovation. And it’s built on the legal scaffolding we’ve been assembling since 2012.

But Let’s Not Get Ahead of Ourselves

There’s still no green light for issuers to tokenize equity and assume compliance. Regulation Crowdfunding still:

• Caps raises at $5M per 12 months. (This cap NEEDS to be immediately increased to at least $20M to replace Tier I of Regulation A).
• Requires Form C filings and ongoing disclosure.
• Prohibits most forms of secondary trading, unless structured through a registered exchange or ATS.

The Stablecoin Bill doesn’t fix these constraints, but it does open the door for what’s next in Regulation Crowdfunding.

Final Thoughts

As someone who helped write the original Crowdfunding Exemption Framework, I’ve always believed in the power of legal innovation to match technological innovation. We are finally seeing that take shape.

For the platforms and issuers who took early risks with token structures in Regulation Crowdfunding, this is validation.

For regulators, this is momentum.

And for investors? This could mean smarter, more transparent, and potentially more liquid crowdfunding opportunities.

The next wave of Reg CF won’t just be digital-first. It might be digital-native.

Let’s build it right.

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📬 If you want to dive deeper into the data, we’ve tracked every token-based Reg CF deal through the CCLEAR database. For more, visit www.cclear.ai or reach out to data@theccagroup.com.