SEC ready to take the initiative: vote on Regulation Crypto announced amid CLARITY Act stagnation
While US lawmakers have gone on recess without managing to advance the landmark CLARITY Act bill, the Securities and Exchange Commission (SEC) is demonstrating its readiness to act independently. On Friday, August 14, the regulator will hold an open vote on the Regulation Crypto proposal — a new specialized regime for the placement of digital tokens. This is the first such large-scale step by the SEC under the leadership of Paul Atkins, who appears intent on filling the legislative vacuum with its own rules.
The essence of the new regulatory initiative
According to the official agenda, commissioners will consider advancing rules that would create a separate legal procedure for raising capital through tokens. The key innovation is the ability to use simplified financing schemes without full securities registration, which could be a breath of fresh air for startups and issuers. However, it is important to understand: the vote concerns only the publication of the proposal, not its final approval. The text of the document itself will be released on Friday, after which a public comment period will begin.
The initiative grew out of Project Crypto — a regulatory package that Atkins placed on the SEC's agenda for 2026. It includes exemptions for certain offerings from registration, the creation of "safe harbors" for decentralized projects, and the development of custody standards for broker-dealers. Atkins himself has previously emphasized that legislation remains a priority, but the agency must act when Congress is inactive.
Political impasse and the role of the CFTC
The situation in the Senate has reached a stalemate: Democrats blocked consideration of the CLARITY Act due to amendments concerning ethics and the crypto assets of former President Donald Trump, while Republicans Josh Hawley and Jerry Moran opposed the wording on stablecoin yields. Majority Leader John Thune has promised to return to the bill in September, but passing it would require 60 votes, which appears unlikely without Democratic support.
Notably, the SEC is not acting alone. CFTC Chairman Michael Selig stated on Fox Business that if Congress does not pass a law, all rules for the crypto industry will be written by regulators. 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 clearly defined conditions for staking, mining, and airdrops.
Temporary measures or a new era?
Atkins, however, warns that regulatory decisions are temporary in nature. The next administration could overturn any rules if Congress never enshrines them in legislation. This also applies to the March recommendations. Friday's vote will open public comment but will not lead to a final decision. The threshold values for exemptions and eligibility criteria in the proposal will show how far the SEC is willing to go without lawmakers' involvement.
My view: This step is a signal to the market that regulators are tired of waiting and are ready to build the legal framework on their own. However, investors should remember the fragility of such initiatives: without legislative codification, any progress could be wiped out by a shift in political course. Watch the details of the proposal — they will determine whether this becomes the beginning of a true institutional era for crypto assets or yet another round of regulatory uncertainty.