Crypto news

On Friday, August 14, the U.S. Securities and Exchange Commission (SEC) will hold a landmark vote on the Regulation Crypto proposal — a special regime for token offerings. This is the first major step by the regulator under Paul Atkins, who has decided to act independently without waiting for Congress.

The Senate went on its August recess without considering the CLARITY Act — a bill designed to delineate the powers of the SEC and the Commodity Futures Trading Commission (CFTC) in the digital assets space. While lawmakers remain idle, regulators are taking the initiative into their own hands.

SEC's plans for the crypto industry ahead of Friday's vote

The official notice confirms: an open meeting is scheduled for 10:00 a.m. Eastern Time at SEC headquarters in Washington, with a live stream available online. The agenda contains a single item from the Division of Corporation Finance. Commissioners will consider proposing rules that establish a separate legal framework for token offerings. Participants would gain the right to raise funds through a streamlined process — via exemptive regimes, without the full securities registration procedure. The vote concerns only the publication of the proposal, and the full text will be released on Friday.

This initiative grew out of Project Crypto — a regulatory package that Atkins placed on the SEC's 2026 agenda. Key elements include exempting certain token offerings from registration, "safe harbors" for decentralized projects, and custody standards for broker-dealers.

In late July, Atkins confirmed in an interview that the agency is ready to act independently, although he still considers legislation a priority. "A law is the way to make the process sustainable in the future," he said.

Senate recess strengthens the role of regulators

Democrats blocked consideration of the CLARITY Act due to an amendment concerning ethics and the cryptocurrency assets of former President Donald Trump. Republicans Josh Hawley and Jerry Moran also opposed the wording on stablecoin yields, siding with local banks.

Senate Majority Leader John Thune stated that the bill would be taken up first upon lawmakers' return, scheduling a vote for September. However, 60 votes will be needed for passage, and Thune's strategy to cut off debate is currently impossible without Democratic support.

Some analysts believe the industry can move forward without this law. Grayscale's Head of Research Zach Pandl noted that the chances of passage are low even in 2026.

CFTC takes the same approach

The SEC is not acting alone. CFTC Chairman Michael Selig issued a similar warning in a Fox Business interview in July. According to him, if Congress does not pass a law, regulators will write all the rules for the crypto industry. He again urged senators to support the bill, emphasizing that federal certainty is critical for businesses.

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 separately outlined conditions for staking, mining, and airdrops (free token distributions).

Still, in Atkins' view, such regulatory decisions are temporary. The next administration could overturn any rules if Congress never enshrines them in law. This caveat also applies to the March guidance.

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 take: this is a turning point. Regulators are tired of waiting and are starting to shape the rules of the game themselves. For the market, this means more clarity in the short term, but also more risks — the next political cycle could roll everything back. Projects currently building compliance procedures must account for this uncertainty.