Separate proposals advanced by the SEC and the FASB last week could provide the cryptocurrency sector with regulatory relief as legislation founders.

The crypto industry got a one-two punch of regulatory relief proposals on Tuesday from the Securities and Exchange Commission and the Financial Accounting Standards Board.

The SEC unveiled a proposal for new “Regulation Crypto Assets” rules providing exemptions to the Securities Act of 1933 related to crypto asset investment contracts, according to a Tuesday press release. The plan calls for a one-time exemption that would allow offerings of up to $5 million during a four-year period, and a second provision would allow offerings of up to $75 million during each 12-month period.

“Regulation Crypto Assets seeks to provide crypto asset entrepreneurs and market participants with clear pathways to raise capital under the federal securities laws,” SEC Chair Paul Atkins said in a statement, which added that the framework is a “key element in our strategy to advance the rule books for the modern era and another step by the Commission to onshore innovation in crypto asset markets for generations to come.”

As a landmark digital asset bill dubbed the Clarity Act has stalled in Congress, the SEC had been expected to unveil major initiatives related to investment contracts involving crypto assets, Bloomberg News reported last week.

The SEC’s move drew criticism from accounting columnist and academic Francine McKenna. The Atkins-led SEC “is subverting the legislative process in its proposal, one delayed in voting on the crypto-friendly Clarity Act.

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