SEC seizes the initiative: regulator prepares its own crypto agenda, bypassing the stalled CLARITY Act
While the US Congress has gone on summer recess without considering the industry-defining CLARITY Act bill, the Securities and Exchange Commission (SEC) has decided not to wait for favors from lawmakers and to act on its own. The regulator has scheduled an open meeting for Friday, August 14, during which it plans to put to a vote the Regulation Crypto project — a special regime for token offerings. This is the first such large-scale step by the SEC under Paul Atkins to create a regulatory framework for digital assets.
The essence of the new initiative
According to the official agenda, commissioners will consider launching a simplified capital-raising procedure for token issuers. This involves creating preferential regimes that would allow companies to bypass the full and extremely costly securities registration process. It is important to understand: Friday's vote concerns only the publication of the draft for public comment, not final approval. The text of the document itself will be released immediately after the meeting, and it is in that text that we will see the specific thresholds and criteria determining how far the SEC is willing to go without looking back at Congress.
This initiative grew out of Project Crypto — a regulatory package that Atkins placed on the SEC's agenda for 2026. Key points include exempting certain token offerings from registration, creating "safe harbors" for decentralized projects, and developing asset custody standards for broker-dealers. Atkins, commenting on the situation in late July, made it clear: the agency is ready to act alone, although it still considers the passage of the law a priority. According to him, it is the law that can make the process sustainable in the long term, while regulatory decisions are only a temporary measure.
Political deadlock and the role of the CFTC
The CLARITY Act bill, designed to delineate the powers of the SEC and the Commodity Futures Trading Commission (CFTC), has faced serious obstacles. Democrats blocked its consideration due to amendments concerning ethics and the crypto assets of former President Donald Trump, while a number of Republicans opposed the wording on stablecoin yields. Majority Leader John Thune has promised to return to the issue in September, but passage will require 60 votes, which looks unlikely without Democratic support.
Meanwhile, the CFTC is demonstrating a similar approach. Its chairman, Michael Selig, warned that if Congress does not pass the law, all rules for the crypto industry will be written by regulators. 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 clearly outlined conditions for staking, mining, and airdrops.
My view: The SEC's move into regulatory rulemaking is a double-edged sword. On one hand, the market gets long-awaited clarity and legal mechanisms for raising capital. On the other, any rules not backed by law can be overturned by the next administration, creating shaky ground for long-term investments. In September, when the Senate returns to work, we will see whether lawmakers are ready to reclaim the initiative or will finally cede the battlefield to regulators.