The SEC canceled its Friday open meeting, delaying a vote on proposed crypto-offering rules. The postponement overlaps with a Senate recess that has stalled the CLARITY Act. No new date has been set for either.
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The Securities and Exchange Commission canceled its Friday open meeting, postponing a vote on proposed crypto-offering rules. An unforeseen scheduling issue forced the cancellation, a spokesperson said. Officials plan to reschedule the session but offered no replacement date.
Commissioners had been set to consider a proposal for a tailored regime covering investment contracts involving crypto assets. An affirmative vote would have started formal public review and a comment period.
The delay lands as a second policy track stalls on Capitol Hill. Senators began a five-week recess without finishing work on the CLARITY Act, the bipartisan market structure bill that would define when tokens are securities or commodities. A procedural vote has been deferred until mid-September.
The SEC agenda listed one item: Regulation Crypto Assets. Chair Paul Atkins sketched possible components in March. One piece, described as a crypto startup exemption, could give qualified developers four years of regulatory runway plus a $5 million fundraising limit. Another safe harbor could clarify when an investment contract ends after essential management work stops.
Atkins also discussed a broader fundraising exemption with a possible $75 million annual cap. Issuers under that path could still provide project disclosures, financial condition details, and audited financial statements.
None of that text was published. The Friday vote would have made the proposal public. Stakeholders now wait for a new meeting date.
The CLARITY Act needs 60 votes to advance. If every voting Republican supports it, at least eight Democrats would still have to cross over. Negotiations have covered ethics rules, stablecoin rewards, and how much authority the CFTC and SEC each keep over spot markets.
Atkins acknowledged in March that the SEC's own exemptions cannot substitute for a law. "Only Congress can future-proof crypto regulation through comprehensive market structure legislation," he said at the time.
The current commission has reversed much of the previous administration's enforcement-first crypto policy. The SEC rescinded the contested SAB 121 accounting guidance. It dropped enforcement cases against Coinbase, Binance, and several other companies. Atkins has publicly argued that many digital tokens should be treated more like commodities than securities under existing law.
A separate innovation exemption, still unpublished, could permit supervised tests involving blockchain-based stocks with tailored disclosure duties.
The SEC has postponed the proposal without withdrawing it. Officials said the meeting would be rescheduled. The next opportunity would likely fall after the Senate returns in September, when the CLARITY Act also resumes its path to a floor vote.
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