SEC takes the initiative: regulator to present its own regime for tokens, while CLARITY Act stalls in the Senate
While U.S. lawmakers went on recess without passing the CLARITY Act, a key bill for the crypto industry, the American securities regulator decided to act on its own. This Friday, August 14, the SEC will hold a vote on the Regulation Crypto project—a special token offering regime that could radically change the rules of the game for issuers and investors.
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). This created a vacuum that regulators are now rushing to fill with their own initiatives.
SEC's Plan: Simplified Market Access
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 stream. The key issue is approval of the draft developed by the Division of Corporation Finance. Commissioners will consider whether to propose rules that create a separate legal procedure for token offerings.
The essence of the initiative: market participants will gain the right to raise funds through a simplified scheme—via preferential regimes, bypassing the full securities registration process. It is important to understand: the vote concerns only the publication of the draft, and the text itself will be released on Friday. This opens a public comment period but does not mean the rules take effect immediately.
Project Crypto: Atkins' Roadmap
This initiative grew out of Project Crypto—a regulatory package that SEC Chairman Paul Atkins placed on the agency's agenda for 2026. Key points include: exempting certain token offerings from registration, "safe harbors" for decentralized projects, and custody standards for broker-dealers.
Atkins himself confirmed in late July the agency's readiness to act independently, though he emphasized that passing legislation remains the priority. "Legislation is the way to make the process sustainable in the future," he said, signaling that regulatory measures are only a temporary stopgap.
Political Stalemate and the CFTC's Role
The situation in the Senate is complicated. Democrats blocked consideration due to an amendment concerning ethics and crypto assets of former President Donald Trump. Republicans Josh Hawley and Jerry Moran also opposed the language on stablecoin yields, supporting the position of local banks. Majority Leader John Thune stated the bill would be taken up first after lawmakers return, scheduling a vote for September. However, 60 votes are needed for passage, and without Democratic support, Thune's strategy to expedite discussions will not work.
The CFTC is moving in the same direction. Commission Chairman Michael Selig warned: if Congress does not pass legislation, regulators will write all the rules for the crypto industry. The two commissions are already working closely—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.
My Take on the Situation
The SEC's actions are an attempt to maintain control over the agenda amid legislative paralysis. However, it is important to understand: any regulatory rules can be overturned by the next administration if Congress never enshrines them in law. Therefore, Friday's vote is only the first step in a long game. The market should closely watch the thresholds for exemptions and eligibility criteria: they will show how far the SEC is willing to go without lawmakers. In September, when the Senate returns to work, it will become clear whether legislators are ready to reclaim the initiative or whether regulators will ultimately take their place.