SEC takes the initiative: the regulator will present its own draft rules for the crypto market
While the U.S. Congress has gone on summer recess without considering the controversial CLARITY Act, the Securities and Exchange Commission (SEC) has decided not to wait for favors from lawmakers. This Friday, August 14, the regulator will hold an open vote on the Regulation Crypto project — a special regime for token offerings. This is the SEC's first such large-scale step toward the crypto industry under Paul Atkins' leadership.
What does the SEC propose?
According to the official agenda, the meeting will begin at 10:00 a.m. Eastern Time at SEC headquarters in Washington with a live stream. Commissioners will need to approve the publication of a draft rule that would designate token offerings as a separate legal procedure. The key idea is to simplify fundraising through preferential regimes, relieving issuers of the need for full securities registration. The full text of the document will be released on Friday, and the vote is only the first stage of a long process.
This initiative grew out of Project Crypto — a regulatory package that Atkins placed on the SEC's 2026 agenda. It includes exemptions for some offerings from registration, "safe harbors" for decentralized projects, and custody standards for broker-dealers. In late July, Atkins confirmed in a CNBC interview that the agency is ready to act independently, although it considers passing legislation a priority. "Legislation is the way to make the process sustainable in the future," he emphasized.
Political deadlock and the role of the CFTC
The Senate postponed the CLARITY Act until September due to disagreements: Democrats blocked consideration, citing an ethics and crypto-assets amendment from former President Donald Trump, while Republicans Josh Hawley and Jerry Moran opposed the provisions on stablecoin yields. Majority Leader John Thune promised to return to the bill first thing, but 60 votes are needed for passage, and Thune's strategy of cutting off debate has not yet gained Democratic support.
Significantly, the SEC is not acting alone. CFTC Chairman Michael Selig warned in July that if Congress remains inactive, regulators will write the rules themselves. In March, the commissions already adopted a joint interpretive rule, removing most tokens from under securities law and separately defining conditions for staking, mining, and airdrops.
My view
Friday's vote is not just a formality but a signal to the market: the SEC is ready to fill the legislative vacuum with its own rules. But there is a fundamental problem here: any regulatory decisions not backed by law remain temporary. The next administration could overturn them with a stroke of a pen. Therefore, although Atkins' initiative creates short-term certainty, the long-term sustainability of the U.S. crypto market still depends on whether lawmakers return to the CLARITY Act in September. Investors should closely watch the project's details — the exemption thresholds and eligibility criteria will show how far the regulator is willing to go without Congress.