SEC takes the initiative: regulator puts its own framework for tokens to a vote amid CLARITY Act freeze
On Friday, August 14, the U.S. Securities and Exchange Commission (SEC) will hold a landmark vote on the Regulation Crypto project — a special regime for token offerings. This is the agency's first major step under Paul Atkins, who seeks to fill the legislative vacuum created by the stalled CLARITY Act in Congress.
The Senate went on its August recess without considering the bill, which was supposed to clearly delineate the powers of the SEC and the Commodity Futures Trading Commission (CFTC) in the digital assets sphere. While lawmakers remain idle, regulators are taking matters into their own hands.
SEC Plan: Simplified Procedure for Issuers
According to the official agenda, the open meeting is scheduled for 10:00 a.m. Eastern Time at SEC headquarters in Washington with a live webcast. The only item on the agenda is a proposal from the Division of Corporation Finance. Commissioners will consider whether to put forward rules that would create a separate legal procedure for token offerings.
Key innovation: participants will gain the right to raise funds under a simplified scheme — through preferential regimes, bypassing the full securities registration procedure. It is important to understand that the vote concerns only the publication of the draft, and the text itself will be made public on Friday.
Project Crypto: Atkins' Roadmap
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 late July, Atkins confirmed in an interview with CNBC: the agency is ready to act independently, although it still considers passing legislation a priority.
"Legislation is the way to make the process sustainable in the future," Atkins stated.
Political Stalemate and the Role of the CFTC
Democrats blocked consideration of the CLARITY Act due to an amendment concerning ethics and crypto assets of former President Donald Trump. Republicans Josh Hawley and Jerry Moran also opposed the wording on stablecoin yields, supporting the position of local banks. Senate Majority Leader John Thune promised to consider the bill first upon lawmakers' return in September, but 60 votes will be needed for passage, and a cloture strategy without Democratic support is impossible.
The CFTC is taking the same approach. Commission Chairman Michael Selig warned on Fox Business: if Congress does not pass a law, regulators will write all the rules for the crypto industry. The two 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.
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 analysis: this SEC move is a pragmatic response to political paralysis, but it carries risks. Regulatory rules adopted without a legislative foundation could be overturned by the next administration, creating uncertainty for businesses. The market needs not a temporary reprieve but a sustainable legal environment that only Congress can provide.