SEC proposes new crypto regulations in absence of CLARITY Act
US regulator introduces new framework for crypto assets without waiting for congressional legislation.
1SEC's crypto move
The US Securities and Exchange Commission (SEC) has proposed new rules that could impact the cryptocurrency industry after Congress failed to pass a market structure bill before its month-long recess. In a Tuesday notice, the commission stated it aimed to create a 'clear and fit-for-purpose framework' for certain investment contracts involving crypto assets. The proposed rules are designed to allow companies to raise capital while maintaining investor protections.
2Failure of CLARITY Act
The SEC's proposed rules came just days after the US Senate failed to advance the Digital Asset Market Clarity (CLARITY) Act, which was expected to clarify federal agencies' roles in overseeing and regulating cryptocurrencies. SEC Chair Paul Atkins emphasized that legislation remains essential for 'future-proofed' rules. He added that the SEC would continue supporting Congress in delivering the bill to former President Trump's desk.
3Exemptions for token issuance
Under the proposed rules, crypto companies would benefit from exemptions allowing them to issue up to $5 million in tokens over a four-year period and up to $75 million during a 12-month period. Additionally, a safe harbor would exempt cryptocurrencies from being treated as 'investment contracts.' Token issuers would be required to prepare financial statements and comply with ongoing reporting requirements.
4Open for public comment
The proposal will be open for public comment for 60 days after publication in the Federal Register. This process provides an opportunity for crypto industry stakeholders and other interested parties to share their views on the regulations. How the SEC will evaluate this feedback and incorporate it into final rules remains to be seen.
5CFTC's upcoming meeting
The SEC's rules proposal, made in the absence of congressional legislation, precedes a scheduled Thursday meeting of the US Commodity Futures Trading Commission (CFTC) on crypto, AI, and prediction markets. The commodities regulator said it planned to address 'areas where regulatory action can complement future congressional legislation.' These developments offer important clues about the future of crypto regulation in the US.
6Political calendar pressure
Before the Senate's August recess, Majority Leader John Thune filed cloture for a vote on the CLARITY crypto bill when lawmakers return in mid-September. However, after the August break, senators have only 14 working days before the November elections. If no vote occurs during this period, there remain just 22 working days before new Congress members are sworn in in 2027.
7White House stance
SEC Chair Atkins canceled his scheduled Tuesday speech at the Wyoming Blockchain Symposium following the SEC announcement. White House crypto adviser Patrick Witt said at the event that US regulators would 'let loose' on crypto regulation if Congress couldn't advance the CLARITY Act. This statement is seen as a significant indicator of the administration's approach to the issue.
8Industry's future
The SEC's move carries critical implications for the future of the crypto industry in the US. Resolving regulatory uncertainties could create a more predictable environment for both investors and companies. However, the fate of the CLARITY Act and coordination between the SEC and CFTC will largely determine the sector's roadmap. The effectiveness of the crypto lobby's $189 million campaign in this process is eagerly anticipated.
Original article: Cointelegraph.com News — SEC kripto düzenlemelerinde yeni kurallar önerdi