SEC takes the initiative: regulator proposes its own rule project for the crypto market amid the CLARITY Act stalemate
While the U.S. Senate has gone on its August recess without considering the industry-defining CLARITY Act bill, the Securities and Exchange Commission (SEC) has decided not to wait for favors from lawmakers. On Friday, August 14, the regulator will hold an open vote on the Regulation Crypto draft — a special regime for token offerings. This is the first such large-scale step by the SEC under Paul Atkins, who is effectively taking regulation of digital assets into his own hands.
What does the SEC propose?
According to the official agenda, commissioners will consider advancing rules that would create a separate legal procedure for token offerings. The key innovation is simplified access to the capital market through preferential regimes, without the need to undergo the full securities registration process. It is important to understand: the vote concerns only the publication of the draft, 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 establishing custody standards for broker-dealers. Atkins has already made it clear: the agency is ready to act independently, 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 are lawmakers stalling?
The CLARITY Act, designed to divide powers between the SEC and the CFTC, is stuck due to political disagreements. Democrats blocked consideration, demanding amendments on ethics and former President Donald Trump's crypto assets. Republicans Josh Hawley and Jerry Moran, in turn, opposed the wording on stablecoin yields, supporting the position of local banks. Majority Leader John Thune promises to return to the issue in September, but 60 votes will be needed for passage — and without Democratic support, that is unlikely.
Significantly, the CFTC is following the same scenario. Commission Chairman Michael Selig warned: if Congress remains inactive, all rules for the crypto industry will be written by regulators. 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.
My view on the situation
This is a turning point. The SEC is essentially creating a parallel regulatory system that could become the de facto standard before any legislative act. However, it should not be forgotten: regulator decisions are temporary. The next administration could repeal any rules if Congress never enshrines them in law. Friday's vote is only the beginning of public discussion, but it will show how far the SEC is willing to go without lawmakers' participation. In September, when the Senate returns to work, it will become clear whether politicians are ready to reclaim the initiative — or whether the market will finally come under the guardianship of regulators.