The SEC will weigh a tailored offering exemption for tokenized securities and a separate crypto-asset framework at its Aug. 14 meeting, as the Clarity Act vote stalls until September.
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The U.S. Securities and Exchange Commission is preparing to consider two major crypto initiatives at its Aug. 14 open meeting, people familiar with the matter told Bloomberg.
The agency will weigh a tailored offering exemption for tokenized securities and a separate framework for certain crypto-asset investment contracts. The innovation exemption would let firms experiment with blockchain versions of traditional securities under a specific regime, the people said.
The move comes as Congress struggles to advance the Clarity Act, a broad market-structure bill for crypto. The Senate postponed a vote until Sept. 15 after leaving for its August recess without acting. Majority Leader John Thune filed a cloture motion that requires 60 senators to pass. Lawmakers return Sept. 14 and have only 14 session days before another election-related recess, making the path increasingly difficult. Failure to secure 60 votes could effectively kill the bill for the year.
Regulators are moving ahead without waiting for Congress. CFTC Chairman Michael Selig told Politico his agency is ready to continue developing crypto market-structure rules on its own.
The innovation exemption was delayed partly by concerns about third-party tokenized versions of publicly traded shares issued without the company's consent. The SEC developed a mechanism that would let companies block such issuances, the people said. That matters for a market where tokenized equities have already hit $1.48 billion in volume, driven by products like the tokenized QQQ.
Sen. Elizabeth Warren, a Massachusetts Democrat, and other critics have repeatedly slammed the SEC and CFTC for being too closely aligned with the crypto industry. Some warn that agency rulemaking lacks the durability of legislation and could face legal challenges or be reversed by future agency leadership.
The commission confirmed it will consider whether to issue the proposal at the Aug. 14 meeting. The vote on the Clarity Act is set for Sept. 15.
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