The chair of the agency mentioned that the proposal has been sent to the Office of Information and Regulatory Affairs (OIRA) at the White House. The SEC is proposing exemptions for startups, fundraising, and a "safe harbor" for cryptocurrencies. Additionally, there are provisions for exemption from certain requirements. However, the chair did not go into details. He emphasized that the SEC wants to "hear the market's opinion" to make the entire set of measures "workable." Before the passage of the Cryptocurrency Market Structure Bill (CLARITY Act), the transition period for crypto regulation will be ensured by SEC rules. Senator Bill Hagerty, a member of the banking committee, stated that his Republican colleagues will review the bill next week.