SEC Introduces New Regulatory Framework for the U.S. Crypto Market: Key Changes and Prospects
The U.S. Securities and Exchange Commission (SEC) has put forward an ambitious project, Regulation Crypto Assets, aimed at transforming the approach to capital raising in the digital economy. In my assessment, this initiative marks an attempt by the regulator to strike a balance between innovative freedom and investor protection, which is especially relevant amid years of legal uncertainty in the industry.
The Essence of the Proposal
The regulator proposes two exemptions from the standard registration requirements under the Securities Act of 1933. The first mechanism allows crypto companies to raise up to $5 million over four years, while the second allows up to $75 million per 12-month period. In both cases, disclosure of information to investors remains a mandatory condition, with larger offerings requiring financial statements and regular reporting to the SEC.
Particular attention deserves the proposed "safe harbor" for investment contracts. Under certain conditions, a crypto asset could be exempt from the requirements applied to securities. This potentially opens new horizons for issuers seeking to avoid excessive regulation.
After the project is published in the Federal Register, a 60-day public comment period will begin. SEC Chair Paul Atkins emphasized that the rules will not replace the law passed by Congress, indicating the regulator's awareness of its limitations in the long term.
Context and Legislative Battles
The initiative comes amid Congress's work on the CLARITY Act, a bill defining the division of powers between the SEC and the Commodity Futures Trading Commission (CFTC). On August 8, Senate Republican Majority Leader John Thune initiated the procedure to move to consideration of the document, with a vote scheduled for September 15.
Ripple's Chief Legal Officer Stuart Alderoty called this vote a key test for the bill, noting that 60 votes will be required to proceed. "September 15 will be an indicator of whether the bill continues to advance through Congress," he stated. In his view, even in the event of failure, the SEC and CFTC will continue to develop rules independently, but federal law is preferable because it is harder to overturn with a change in leadership.
The White House remains optimistic. Chief Crypto Advisor Patrick Witt expects progress on the CLARITY Act after the Senate returns, emphasizing the administration's readiness to negotiate with Democrats on contentious provisions, including rewards for stablecoin holders and ethical restrictions for government officials.
Assessments and Forecasts
Head of the Solana Policy Institute Miller Whitehouse-Levine estimates the likelihood of the CLARITY Act passing before the November midterm elections at approximately 10%, calling the current situation a "purgatory of the August recess." This is significantly lower than prediction market estimates: Polymarket gives a 20% probability of passage by year-end, while Kalshi puts it at 33%.
It is worth noting that the crypto industry creates 232,000 jobs and $55 billion in economic activity in the U.S., which increases pressure on lawmakers. As Alderoty warns, delays could force businesses to relocate jobs and investments abroad.
My analysis: The proposed SEC rules are a pragmatic step, but without the passage of the CLARITY Act, the market will remain vulnerable to shifts in regulatory priorities. Investors should closely watch the September vote: even partial success of the bill would create a more predictable environment for long-term strategies.