SEC takes the initiative: the regulator will present its own draft rules for the crypto market
On Friday, August 14, the U.S. Securities and Exchange Commission (SEC) will hold a landmark vote on the Regulation Crypto project — a special regime for token offerings. This is the first major step by the regulator under Paul Atkins, who has decided to act independently while Congress stalls on legislative initiatives.
The Senate has gone on its August recess without considering the CLARITY Act — a bill designed to clearly divide authority between the SEC and the Commodity Futures Trading Commission (CFTC). Instead of waiting for lawmakers, the SEC is seizing the initiative. An open meeting is scheduled for 10:00 a.m. Eastern Time at its Washington headquarters, with a live webcast. The agenda includes a single item from the Division of Corporation Finance.
What the SEC is proposing
The commissioners will review a draft rule that introduces a separate legal procedure for token offerings. The key idea is to grant issuers the right to raise funds through a simplified framework, using preferential regimes, bypassing full securities registration. The vote concerns only the publication of the draft, with the full text to be released on Friday. This means the regulator is already prepared to offer the market concrete mechanisms, not just declarations of intent.
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, "safe harbors" for decentralized projects, and custody standards for broker-dealers. In late July, Atkins publicly confirmed that the agency is ready to act independently, although he emphasized that passing legislation remains the priority. "A law is the way to make the process sustainable in the future," he said.
Political deadlock and the role of the CFTC
While the Senate remains inactive, the role of regulators is strengthening. Democrats blocked consideration of the CLARITY Act due to an amendment on ethics and crypto assets from former President Donald Trump. Republicans Josh Hawley and Jerry Moran also opposed the wording on stablecoin yields, supporting the position of local banks. Majority Leader John Thune has promised to return to the bill in September, but 60 votes are needed for passage, and the strategy of cutting off debate without Democratic support is not working so far.
The CFTC is taking the same approach. Commission Chairman Michael Selig warned in July that if Congress does not pass a law, regulators will write all the rules for the crypto industry themselves. Both commissions are already working closely together: in March, they adopted a joint interpretive rule that removed most tokens from under the securities law and separately defined conditions for staking, mining, and airdrops.
In my opinion, this SEC move is not just a tactical maneuver but a signal to the market that regulatory certainty can come even without Congress. However, Atkins himself acknowledges that such decisions are temporary. The next administration could overturn any rules if Congress does not enshrine them in law. This also applies to the March recommendations.
Friday's vote will open a public comment period but will not provide a final decision. The threshold values for exemptions and eligibility criteria in the draft will show how far the SEC is willing to go without lawmakers. In September, when the Senate returns to work, it will become clear whether lawmakers will reclaim the initiative — or whether regulators will ultimately take the wheel into their own hands.