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SEC Shelved Crypto Fundraising Rules After SIFMA Legal Threat
The SEC canceled a crypto fundraising rulemaking after SIFMA weighed a legal challenge, according to a report. The Clarity Act vote and White House meeting are next.
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The Securities and Exchange Commission canceled a planned open meeting on Friday that would have started formal rulemaking for Regulation Crypto Assets, a new framework for crypto fundraising in the U.S. The meeting had been announced days earlier, and the cancellation was officially blamed on an “unforeseen scheduling issue.”
Multiple industry sources told Crypto in America that the White House had asked the SEC to postpone, worried the rulemaking would complicate Clarity Act negotiations ahead of a Senate procedural vote. But that call may have been influenced by a litigation threat from the Securities Industry and Financial Markets Association, Decrypt reported Monday, citing two sources familiar with the matter.
SIFMA, which represents large Wall Street broker-dealers, investment banks and asset managers, discussed the possibility of legal action if it concluded the SEC had exceeded its statutory authority under federal securities laws, including through exemptions or no-action relief, according to the Decrypt report. That prospect may have fed the White House's decision to have the agency stand down, the sources told Decrypt.