Crypto news

On Friday, August 14, the U.S. Securities and Exchange Commission (SEC) will hold a vote on the Regulation Crypto draft — a special regime for token offerings. This will be the regulator's first major step toward establishing its own rules for the cryptocurrency market under Paul Atkins, who has decided to act without waiting for Congress.

The Senate has gone on its August recess without considering the CLARITY Act, which was supposed to divide authority between the SEC and the Commodity Futures Trading Commission (CFTC). In this situation, regulators are taking the initiative into their own hands, and this is a landmark signal for the entire industry.

What the SEC Will Propose

According to the official agenda, an open meeting is scheduled for 10:00 a.m. Eastern Time at SEC headquarters in Washington with a live stream. Commissioners will consider proposing rules that would create a separate legal procedure for token offerings. Market participants would be able to raise funds through a simplified scheme — via preferential regimes, without 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 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.

At the end of July, Atkins confirmed in an interview with CNBC: the agency is ready to act on its own, although he still considers passing a law a priority. "A law is the way to make the process sustainable in the future," he said.

Why the CLARITY Act Is Stuck

Democrats blocked consideration of the bill due to an amendment concerning ethics and the cryptocurrency assets of former President Donald Trump. Republicans Josh Hawley and Jerry Moran also spoke out against the wording on stablecoin yields, supporting the position of local banks. Senate Majority Leader John Thune stated that the bill would be considered first after lawmakers return, and scheduled a vote for September. However, 60 votes will be needed for passage, and Thune's strategy to limit debate is not yet possible without Democratic support.

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

The CFTC Is Using the Same Approach

The SEC is not acting alone. CFTC Chairman Michael Selig gave a similar warning in an interview with Fox Business in July: 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, 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.

However, according to Atkins, 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 recommendations.

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 comment: This is a historic moment. The SEC under Atkins is effectively acknowledging that waiting for Congress is futile and is trying to create a workable regime on its own. However, the market must understand: without legislative codification, these rules are fragile and could be revised amid shifting political conditions. For long-term investors, this is more a signal of uncertainty than of stability.