SEC is preparing its own crypto framework: the regulator will present an alternative to the CLARITY Act.
On Friday, August 14, the U.S. Securities and Exchange Commission (SEC) will hold a vote on the Regulation Crypto draft — a special regime for token offerings. This will be the agency's first major step toward regulating cryptocurrencies under Paul Atkins, who appears to have decided not to wait for lawmakers.
The Senate went on its August recess without considering the CLARITY Act, a bill designed to divide authority between the SEC and the Commodity Futures Trading Commission (CFTC). Now the initiative shifts to regulators, and the SEC intends to act on its own.
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. The key issue is the creation of a separate legal procedure for token offerings. Participants will be able to raise funds through a simplified framework, using preferential regimes, without the full securities registration process. The vote will only cover the publication of the draft, and the text itself will be released on Friday.
The initiative grew out of Project Crypto — a regulatory package that Atkins placed on the SEC's 2026 agenda. Key elements include exempting certain offerings from registration, "safe harbors" for decentralized projects, and custody standards for broker-dealers. In late July, Atkins confirmed in a CNBC interview 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," Atkins emphasized.
Senate at an Impasse: Chances for Compromise Fade
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 opposed the provisions on stablecoin yields, supporting the position of local banks. Senate Majority Leader John Thune stated that the bill would be taken up first after lawmakers return, but 60 votes will be needed for passage, and a strategy to cut off debate is not yet possible without Democratic support.
Analysts are already doubting that the law will pass even in 2026. Grayscale Head of Research Zach Pandl notes that the chances of passage remain low, and the industry will have to adapt to the regulatory reality.
The CFTC Is Following the Same Playbook
The SEC is not alone. CFTC Chairman Michael Selig previously warned that if Congress does not pass legislation, regulators will write the rules for the crypto industry. Both commissions are already working closely together — in March, they adopted a joint interpretive rule, removing most tokens from the scope of securities law and separately outlining conditions for staking, mining, and airdrops.
However, Atkins considers such decisions temporary. The next administration could overturn any rules if Congress does not enshrine them in law. This 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 analysis: This is a landmark moment. The SEC under Atkins is clearly shifting from a defensive stance to actively building a regulatory framework. However, the lack of legislative support creates a risk of "back-and-forth": a change in administration could nullify these efforts. For the market, this means short-term uncertainty, but long-term — a signal that regulation is inevitable, and it will be built on dialogue with the industry rather than prohibitions.