The SEC holds a public meeting Friday on a tailored crypto framework. The CFTC chairman wants final rules before the administration ends. The Clarity Act vote slips to September.
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The SEC will hold a public meeting Friday to craft a tailored offering framework for investment contracts tied to crypto assets. The meeting comes after lawmakers postponed the Clarity Act vote to September, missing the summer recess deadline.
Pro-crypto representatives had hoped to pass the bill before the break. That did not happen. Instead, the SEC and the Commodity Futures Trading Commission appear to be moving ahead without the legislative text.
CFTC chairman Michael Selig has been direct about the timeline. He wants final rules for the sector before the current administration ends, regardless of what happens in Congress, he said.
The shift from the previous administration is sharp. Under Joe Biden, the SEC sued Coinbase and Kraken. Crypto companies operated under legal uncertainty, worried about the next enforcement action. Since Donald Trump took office, several lawsuits have been dropped. The SEC and the CFTC have taken a friendlier stance. Trump campaigned on making the United States the global capital for digital assets. He has signed several pro-crypto laws since taking office.
The dropped lawsuits are a concrete change.
The Clarity Act remains stalled. The House passed the text last year, an early encouraging sign. In July, lawmakers reviewed a new version. Disagreements persist, and they are political.
Republican Senator Cynthia Lummis has accused some Democrats of deliberately delaying the bill, she said. The Democrats raising questions about a provision that prohibits government officials from promoting or personally profiting from cryptocurrencies. That is likely the main sticking point.
It is not clear if this will be resolved before September. No details on ongoing negotiations.
The regulators are not waiting. Selig said the goal is to have final rules before the current term ends. This type of administrative deadline creates real pressure. Agencies know a political shift can reset everything, as just happened in reverse.
The crypto sector faces a paradox. The regulatory environment is more favorable than two years ago. Lawsuits are dropping. Agencies are opening doors. Bills are progressing slowly. The absence of a clear legislative framework like the Clarity Act leaves structural uncertainty, some traders said.
Companies know the current stance depends on an administration, not a permanent law. That is a significant difference for institutional investors who need visibility over several years, not just until the next election.
The SEC meeting Friday is one to watch. If the tailored offering framework takes shape quickly, it could send a concrete signal to the market, independent of the Clarity Act's fate in the Senate. The CFTC continues working on its own rules.
Lummis remains one of the most active voices trying to unblock the situation in Congress.
Related reading: crypto market analysis
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