SEC takes the initiative: regulator prepares its own regime for tokens amid Senate pause
While the U.S. Congress has gone on summer recess without passing the long-awaited CLARITY Act, the Securities and Exchange Commission (SEC) has decided not to wait for lawmakers. This Friday, August 14, the regulator will hold an open vote on the Regulation Crypto proposal — a special regime for token offerings. This is the first such large-scale step by the SEC under Paul Atkins, which could radically change the rules of the game in the digital asset market.
The CLARITY Act, designed to clearly delineate the powers of the SEC and the Commodity Futures Trading Commission (CFTC), was never considered by the Senate before recess. Instead of waiting for September, the regulator is launching its own regulatory initiative. The vote will take place at 10:00 a.m. Eastern Time at SEC headquarters in Washington, with a live stream available to the public.
The essence of the new initiative
On the agenda is approval of a draft rule that would create a separate legal procedure for token offerings. The key innovation: issuers will be able to raise funds through a simplified scheme, via preferential regimes, without full securities registration. However, the vote concerns only the publication of the draft — the text of the document itself will be released on Friday, after which a public comment period will begin.
This initiative grew out of Project Crypto — a package of regulatory measures that Atkins placed on the SEC's agenda for 2026. It includes exemptions from registration for certain token offerings, "safe harbors" for decentralized projects, and custody standards for broker-dealers. Atkins does not hide it: although legislation remains a priority, the agency is ready to act on its own. "Legislation is the way to make the process sustainable in the future," he emphasized in a recent interview.
Political deadlock and the role of regulators
The Senate postponed consideration of the CLARITY Act due to disagreements: Democrats blocked the bill, insisting on amendments regarding ethics and former President Trump's crypto assets, while Republicans Hawley and Moran opposed the wording on stablecoin yields. Majority Leader John Thune promised to return to the issue in September, but 60 votes are needed for passage, and the strategy to limit debate has not yet found support.
The CFTC is acting in the same vein. Commission Chairman Michael Selig warned back in July: if Congress does not pass legislation, regulators will write all the rules for the crypto industry themselves. Both commissions are already actively cooperating — in March they adopted a joint interpretive rule that removed most tokens from the scope of securities law and separately defined conditions for staking, mining, and airdrops.
My view: Friday's vote will be a marker of how far the SEC is willing to go without Congress. If the Regulation Crypto proposal turns out to be liberal, the market will get long-awaited clarity, but it will remain vulnerable: the next administration could repeal any rules not enshrined in law. The Senate's return in September will show whether lawmakers reclaim the initiative — or ultimately cede it to the regulators.