A new nonlinear equation for the description of the localized in space, 3D electromagnetic solitons, simpler than previously considered, is proposed. The new equation formally can be reduced to the nonlinear Schrödinger equation, but the essential differences between them are discussed. In this model, each point in the field of the soliton oscillates with the same frequency. The physical arguments are presented that only the so-called degenerate N-soliton solutions for this 3D model are possible.