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SEC Delays Crypto Rule Push Over Senate Clarity Act Concerns
The SEC postponed its crypto rulemaking meeting over Clarity Act concerns. The Senate vote is next month; the rulemaking phase could take close to a year.
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The U.S. Securities and Exchange Commission scrapped a planned open meeting that had been set to advance its Reg Crypto rulemaking and unveil the first part of a repeatedly delayed innovation exemption. The SEC announced the cancellation late Thursday and said it would reschedule at a later date.
The meeting had been announced early last week. Commissioners were to discuss a proposal that would let companies raise money by issuing tokens and eventually exit SEC jurisdiction if they begin issuing their own digital assets, the SEC said. Industry sources told CoinDesk the agency also planned to present at least part of an innovation exemption, addressing how security token issuers can handle underlying securities.
People familiar with the situation told CoinDesk the pause reflects concerns at the White House and among lawmakers that SEC action would further complicate negotiations over the Digital Asset Market Clarity Act. The Senate is expected to hold its first vote on the legislation next month. CoinDesk also reported that the SEC is holding off on the innovation exemption indefinitely.