SEC takes the initiative: regulator to introduce its own regime for tokens, without waiting for the CLARITY Act
While the U.S. Congress is on its summer recess and the fate of the CLARITY Act remains uncertain, the Securities and Exchange Commission (SEC) has decided to act preemptively. This Friday, August 14, the regulator will hold an open vote on the Regulation Crypto project — a special regime for token offerings designed to serve as an alternative to the stalled bill.
What Will the SEC Propose?
According to the official agenda, the meeting will begin at 10:00 a.m. Eastern Time at SEC headquarters in Washington and will be streamed online. Commissioners will consider only one item — a proposal from the Division of Corporation Finance to create a simplified legal procedure for digital asset issuers.
The core essence of the initiative is to give companies the right to raise capital through preferential regimes, bypassing the full and costly 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.
Project Crypto: Atkins' Roadmap
This initiative grew out of Project Crypto — a regulatory package that SEC Chairman Paul Atkins placed on the commission's agenda for 2026. Key elements include exempting certain token offerings from registration, creating "safe harbors" for decentralized projects, and custody standards for broker-dealers. Atkins himself does not hide it: he still considers passing legislation a priority, but the regulator is ready to act independently.
"Legislation is the way to make the process sustainable in the future," he emphasized in a recent interview.
Political Stalemate and the Role of the CFTC
The Senate went on recess without considering the CLARITY Act. Democrats blocked the bill due to amendments concerning ethics and the crypto assets of former President Donald Trump. Republicans Josh Hawley and Jerry Moran also opposed the provisions on stablecoin yields, supporting the position of local banks. Majority Leader John Thune promised to revisit the issue in September, but passage would require 60 votes, which looks unlikely without Democratic support.
Significantly, the SEC is not acting alone. CFTC Chairman Michael Selig has already warned: if Congress does not pass legislation, regulators will write all the rules for the crypto industry. The two commissions are working closely together — in March, they adopted a joint interpretive rule that removed most tokens from the scope of securities law and clearly defined conditions for staking, mining, and airdrops.
However, as Atkins rightly notes, regulatory decisions are temporary. The next administration could overturn any rules if Congress never enshrines them in law. Friday's vote will open a public comment period but will not lead to a final decision. The thresholds for exemptions and eligibility criteria will show how far the SEC is willing to go without lawmakers. In September, when the Senate returns to work, it will become clear whether legislators are ready to reclaim the initiative.
My view: The market has long signaled the need for clear rules, and the SEC's shift from rhetoric to concrete action is a positive signal. However, investors should remember: the regulatory ground beneath their feet remains shaky, and any new round of political struggle could dramatically change the landscape. The key question is not who will win this race — the SEC or Congress — but when market participants will finally get the long-awaited legal certainty.