SEC takes the initiative: regulator prepares alternative to CLARITY Act
While the U.S. Congress has gone on recess without passing the long-awaited CLARITY Act, the Securities and Exchange Commission (SEC) has decided not to wait idly by. This Friday, August 14, the regulator will hold a vote on the Regulation Crypto project—a new token offering regime that could radically change the rules of the game in the digital asset market.
What does the SEC propose?
According to the official agenda, the open meeting is scheduled for 10:00 a.m. Eastern Time at SEC headquarters in Washington. Commissioners will consider proposing rules that would create a separate legal procedure for token offerings. The key innovation is a simplified fundraising scheme through preferential regimes, without the full and cumbersome securities registration process.
It is important to understand: Friday's vote concerns only the publication of the draft, and the text itself will be made public the same day. This opens a period of public comment but does not lead to a final decision. Nevertheless, the very fact that the SEC is ready to move in this direction is an extremely telling signal.
The Crypto Project: Atkins' roadmap
The initiative grew out of Project Crypto—a regulatory package that SEC Chairman Paul Atkins placed on the agency's agenda for 2026. Key items include exempting certain token offerings from registration, "safe harbors" for decentralized projects, and custody standards for broker-dealers. Atkins has repeatedly emphasized that legislation is a way to make the process sustainable in the future, but he appears ready to act without it as well.
Political deadlock and the role of regulators
The Senate went on its August recess without considering the CLARITY Act. Democrats blocked the discussion due to an amendment concerning ethics and crypto assets of former President Donald Trump. Republicans Josh Hawley and Jerry Moran also spoke out against the provisions on stablecoin yields. Senate Majority Leader John Thune stated that the bill would be considered first upon lawmakers' return and hinted at a vote in September. However, 60 votes will be needed for passage, and without Democratic support, this looks unlikely.
Notably, the CFTC is using the same tactic. Its chairman, Michael Selig, warned that if Congress does not pass legislation, regulators will write all the rules for the crypto industry. 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.
My analysis: this is a turning point. The SEC and CFTC are effectively creating a parallel regulatory reality that could be overturned by the next administration if Congress does not enshrine it in law. But for the market, this is a positive signal—regulatory clarity, even if temporary, is always better than a vacuum. The only question is how far the commissioners are willing to go on Friday.