SEC seizes the initiative: regulator prepares its own crypto-regulatory framework bypassing the CLARITY Act
While the U.S. Senate has gone on its August recess without considering the long-awaited CLARITY Act, the Securities and Exchange Commission (SEC) has decided not to wait for lawmakers' mercy. The regulator has scheduled an open vote for Friday, August 14, on the Regulation Crypto proposal — a special regime for token offerings. This will be the SEC's first major step toward creating its own regulatory framework for digital assets under the leadership of Paul Atkins.
The official agenda confirms: the meeting will take place at 10:00 a.m. Eastern Time at SEC headquarters in Washington with a live stream. On the agenda is a single item from the Division of Corporation Finance. Commissioners will consider whether to propose rules that would create a separate legal procedure for raising capital through tokens. In essence, this is a streamlined path: issuers will be able to use preferential regimes without going through full securities registration.
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 opens a public comment period, but is not a final decision. Nevertheless, the very fact of such a step is telling — the SEC no longer intends to rely on lawmakers.
Project Crypto: Atkins' Roadmap
The initiative grew out of Project Crypto — a regulatory package that Atkins placed on the SEC's 2026 agenda. Key points 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: the agency is ready to act on its own, although it still considers legislation a priority. "Legislation is the way to make the process sustainable in the future," he emphasized.
Significantly, the CFTC is using the same tactic. 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. He has repeatedly urged senators to support the bill, noting that federal certainty is crucial for business. 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.
The Fragility of Regulatory Decisions
However, Atkins himself admits: regulators' 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. Democrats blocked consideration of the CLARITY Act due to an amendment concerning ethics and crypto assets of former President Donald Trump. Senate Majority Leader John Thune stated that the bill would be taken up first after lawmakers return in September, but 60 votes will be needed for passage, and a strategy to cut off debate without Democratic support is impossible.
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 analysis: This SEC move is a pragmatic response to the legislative deadlock. The market needs clarity, and the regulator is filling the vacuum, but such rules remain vulnerable to political changes. The industry should view Regulation Crypto as a temporary framework, not a foundation — until Congress codifies the framework at the legislative level.