SEC Prepares Its Own Regulations for Tokens: Regulator Takes Initiative While Congress Stalls
While the U.S. Senate has gone on its August recess without considering the CLARITY Act bill, the American regulator has decided not to wait for favors from lawmakers. As early as this Friday, August 14, the Securities and Exchange Commission (SEC) will hold an open vote on the Regulation Crypto draft — a special regime for token offerings that is intended to serve as an alternative to the blocked law. This is the first such large-scale step by the agency under Paul Atkins' leadership, and it could radically change the rules of the game in the digital assets market.
What does the SEC propose?
According to the official agenda, the commissioners will consider the possibility of proposing rules that would create a separate legal procedure for token offerings. The key innovation is a simplified scheme for raising funds through preferential regimes, without full registration of securities. It is important to understand: the vote concerns only the publication of the draft for public comment, and the text of the document itself will be released on Friday. This is not a final decision, but a clear signal to the market.
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 exemptions for certain token offerings from registration, "safe harbors" for decentralized projects, and custody standards for broker-dealers. In essence, the regulator is offering a pragmatic compromise: give the industry room to breathe without waiting for Congress to overcome its internal disagreements.
Political deadlock and a window of opportunity
The legislative pause has only strengthened the role of regulators. Democrats blocked consideration of the CLARITY Act due to amendments concerning ethics and the crypto assets of former President Donald Trump, while Republicans Josh Hawley and Jerry Moran opposed the wording on stablecoin yields, protecting the interests of local banks. Majority Leader John Thune promises to return to the law in September, but its passage would require 60 votes, which is unlikely without Democratic support.
It is telling that the CFTC is acting in the same vein. Commission Chairman Michael Selig directly stated: if Congress remains inactive, regulators will write the rules for the crypto industry. Both commissions already adopted a joint interpretive rule in March that removed most tokens from the scope of securities law and separately outlined conditions for staking, mining, and airdrops. However, Atkins emphasizes that such decisions are temporary, and the next administration could overturn them at any time.
My view: Friday's vote is not just a bureaucratic formality, but an attempt by the SEC to seize the initiative and set the tone for the entire market. If the thresholds for exemptions turn out to be liberal, we will see a surge in activity from issuers who will no longer fear legal consequences. But we should not forget: without legislative enshrinement, these rules are merely sand on which a castle is being built. September will be the moment of truth, when it becomes clear whether Congress is ready to reclaim its role as the chief architect of crypto regulation.