Crypto news

On Friday, August 14, the U.S. Securities and Exchange Commission (SEC) will hold an open vote on the Regulation Crypto project — a special regime for token offerings. This will be the regulator's first major step toward building its own regulatory framework for the cryptocurrency market under the leadership of Paul Atkins.

The regulator takes the initiative into its own hands

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) regarding digital assets. While lawmakers remain idle, regulators are forced to act on their own. The official notice confirms: an open meeting is scheduled for 10:00 a.m. Eastern Time at SEC headquarters in Washington with a live stream. On the agenda — a single item from the Division of Corporation Finance.

The commissioners will consider proposing rules that would create a separate legal procedure for token offerings. Participants would gain the right to raise funds under a simplified scheme — through exemptive regimes, without the full securities registration process. The vote concerns only the publication of the proposal, and the text itself will be made public on Friday.

Project Crypto: the foundation for a new era

The initiative grew out of Project Crypto — a regulatory package that Atkins placed on the SEC's 2026 agenda. Among the key points are exemptions for 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 he still considers passing legislation a priority. "Legislation is the way to make the process sustainable in the future," he said.

Political deadlock and the role of the CFTC

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 wording on stablecoin yields, supporting the position of local banks. Senate Majority Leader John Thune said the bill would be taken up first upon lawmakers' return and scheduled a vote for September. However, passage would require 60 votes, which is virtually impossible without Democratic support.

Some analysts believe the industry can develop without this law. Grayscale's Head of Research Zach Pandl noted that the chances of passage are low even in 2026.

The CFTC is using the same approach

The SEC is not acting alone. CFTC Chairman Michael Selig gave a similar warning in an interview with Fox Business in July. According to him, if Congress does not pass a law, all rules for the crypto industry will be written by regulators. He again urged senators to support the bill, emphasizing that federal certainty is critically important for businesses.

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.

Still, in Atkins' view, such regulatory decisions are temporary. The next administration could overturn any rules if Congress never enshrines them in law. This caveat also applies to the March guidance.

Friday's vote will open a public comment period but will not lead to a final decision. The threshold values 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 take: This SEC move is a signal to the market that the regulator is no longer waiting for lawmakers and is ready to build infrastructure on its own. However, investors should remember: without a legislative foundation, any regulatory rules could be overturned by the next administration, creating uncertainty for long-term strategies.