SEC is preparing its own crypto regime: the regulator is not waiting for Congress and is putting the Regulation Crypto draft up for a vote.
While the US Senate has gone on its August recess without considering the CLARITY Act bill, the Securities and Exchange Commission (SEC) has decided to take the initiative into its own hands. This coming Friday, August 14, the regulator will hold an open vote on the Regulation Crypto proposal — a special regime for token offerings that is intended to serve as an alternative to the stalled law.
What the SEC is proposing
According to the official agenda, the meeting will take place at SEC headquarters in Washington at 10:00 a.m. Eastern Time with a live stream. The commissioners will consider whether to put forward rules that would create a separate legal procedure for token offerings. The key idea is to simplify access to the market: issuers will be able to raise funds under preferential schemes without going through the full securities registration process. It is important to understand: the vote concerns only the publication of the proposal, and the text itself will be made public on Friday.
This initiative grew out of Project Crypto — a regulatory package that SEC Chairman Paul Atkins placed on the 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. Atkins has already made it clear: the agency is ready to act on its own, although it considers passing a law a priority. "Legislation is the way to make the process sustainable in the future," he emphasized in a recent interview.
Why the CLARITY Act stalled
The bill, which was supposed to divide control over digital assets between the SEC and the CFTC, has run into serious disagreements. Democrats blocked consideration due to amendments concerning ethics and the 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 said the bill would be considered first after lawmakers return, but 60 votes will be needed for passage, and without Democratic support that is unlikely.
The CFTC is taking the same approach
The SEC is not alone in its efforts. CFTC Chairman Michael Selig warned: 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 set out 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 the 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 step that could radically change the landscape of crypto regulation in the United States. If the SEC actually implements a simplified token offering regime, we will see a surge of activity from issuers who have waited years for a legal path to the market. However, it should not be forgotten: administrative rules can be overturned by the next administration, so without legislative codification, the long-term sustainability of these measures remains in question.