SEC takes the initiative: vote on new crypto regime Regulation Crypto announced
While the U.S. Congress has gone on summer recess without passing the long-awaited CLARITY Act, the Securities and Exchange Commission (SEC) has decided not to wait for favors from lawmakers and to act on its own. This Friday, August 14, the regulator will hold an open vote on the Regulation Crypto proposal — a new specialized regime for the placement of digital tokens. This is the SEC's first such large-scale step in crypto regulation under the leadership of Paul Atkins.
The essence of the new initiative
According to the official agenda, the commissioners will consider a proposal from the Division of Corporation Finance that provides for the creation of a separate legal procedure for raising capital through tokens. The key idea is to give issuers simplified access to the market through preferential regimes, sparing them from the need to go through the full and costly securities registration process. The vote concerns only the publication of the proposal for public comment, and the text of the document itself will be released on Friday.
This initiative grew out of Project Crypto — a regulatory package that Atkins placed on the SEC's agenda for 2026. Among the key points are exempting certain token offerings from registration, creating "safe harbors" for decentralized projects, and developing custody standards for broker-dealers. Atkins has previously emphasized that the agency is ready to act on its own, although he still considers the passage of legislation a priority.
Political deadlock and the role of the CFTC
The legislative process has stalled due to disagreements in the Senate: Democrats blocked consideration of the CLARITY Act, citing amendments related to ethics and the crypto assets of former President Trump. Republicans Josh Hawley and Jerry Moran also opposed the wording on stablecoin yields, supporting the position of local banks. Majority Leader John Thune promised to return to the bill in September, but its passage will require 60 votes, which is unlikely without Democratic support.
The SEC is not acting alone: CFTC Chairman Michael Selig has made it clear that if Congress remains inactive, all rules for the crypto industry will be written by regulators. 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 defined conditions for staking, mining, and airdrops.
However, as Atkins himself rightly notes, such regulatory decisions are temporary in nature. The next administration could overturn any rules if Congress never enshrines them in law. 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 view: This is a landmark moment. The SEC is effectively acknowledging that waiting for Congress is futile and is moving from a policy of prohibitions to building a working infrastructure. However, the market should remain cautious: regulatory relaxations adopted through administrative procedures can be just as quickly reversed. The industry needs not a temporary compromise but a sustainable legislative framework, otherwise we risk another cycle of uncertainty.