SEC ready to seize the initiative: regulator to present its own regime for tokens amid pause on CLARITY Act
On Friday, August 14, the U.S. Securities and Exchange Commission (SEC) will vote on the Regulation Crypto proposal — a special simplified regime for offering digital tokens. This will be the agency's first major step toward building a regulatory framework for cryptocurrencies under Paul Atkins, who has decided to act without waiting for lawmakers.
The Senate went on its August recess without considering the CLARITY Act, a bill designed to delineate the powers of the SEC and the Commodity Futures Trading Commission (CFTC) over digital assets. While Congress remains idle, regulators are taking the initiative into their own hands.
The SEC's Plan: What Exactly Will Be Put to a Vote
According to the official agenda, the open meeting is scheduled for 10:00 a.m. Eastern Time at SEC headquarters in Washington, with a live stream. On the table is a single item from the Division of Corporation Finance: proposing rules that would create a separate legal procedure for token offerings.
The essence of the proposal is to grant issuers the right to raise funds under a simplified framework, through preferential regimes, bypassing the full securities registration process. It is important to understand: the vote concerns only the publication of the draft for public comment, and the full text of the document will be released on Friday. This is a starting point, not a final decision.
The initiative grew out of Project Crypto — a regulatory package that Atkins placed on the SEC's agenda for 2026. Among the key points are exempting certain token offerings from registration, "safe harbors" for decentralized projects, and custody standards for broker-dealers.
In late July, Atkins confirmed in an interview with CNBC that the agency is ready to act independently, although it still considers passing legislation a priority. "Legislation is the way to make the process sustainable in the future," he said.
Why the Senate Stalled
Democrats blocked consideration of the CLARITY Act due to an amendment concerning ethics and the crypto assets of former President Donald Trump. Republicans Josh Hawley and Jerry Moran also spoke out against the provisions on stablecoin yields, supporting the position of local banks. Senate Majority Leader John Thune promised to return to the bill in September, but 60 votes will be needed for passage, and without Democratic support, that is unlikely.
Some analysts believe the industry can develop even without this law. Grayscale's Head of Research, Zach Pandl, noted that the chances of passage are low even in 2026.
The CFTC Plays by the Same Rules
The SEC is not acting alone. CFTC Chairman Michael Selig issued a similar warning in July on Fox Business: if Congress does not pass a law, regulators will write all the rules for the crypto industry. He has repeatedly urged senators to support the bill, emphasizing that federal certainty is critical for business.
Both commissions are already working closely together. In March, they adopted a joint interpretive rule that removed most tokens from the scope of securities law and separately outlined conditions for staking, mining, and airdrops.
However, in Atkins' view, such decisions are temporary. The next administration could overturn any rules if Congress never enshrines them in law. This caveat also applies to the March recommendations.
Friday's vote will open a public comment period but will not lead to a final decision. The thresholds for exemptions and eligibility criteria in the proposal will show how far the SEC is willing to go without Congress. In September, when the Senate returns to work, it will become clear whether lawmakers are ready to reclaim the initiative.
My comment: This is a landmark signal for the market. The SEC under Atkins is clearly seeking to create a precedent that will outlive a possible change of administration. However, investors should remember: regulatory relief not backed by law is a fragile construct. In the long term, it is the CLARITY Act that remains the key to stability, and without it, we risk another wave of legal uncertainty.