SEC and CFTC Pursue Project Crypto as Clarity Act Stalls

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have been working on a joint regulatory project called Project Crypto, which could provide an alternative to the stalled Clarity Act.

The SEC is currently reviewing a draft rule on crypto offerings and sales, with a goal of clarifying the regulatory framework for the crypto market and providing certainty to the market. The draft rule could include exemptions and safe-harbour provisions.

Market interest is high due to legislative delays in the Clarity Act, which passed the U.S. House of Representatives in July 2025 but has yet to gain traction in the Senate.