SEC and CFTC Take Matters into Own Hands Amid Crypto Regulation Gridlock
The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are set to write new rules for cryptocurrencies, as Congress's efforts to pass a comprehensive digital asset framework stall in the Senate.
According to Reuters, the SEC is expected to introduce a rule that would exempt certain token offerings from securities requirements in the coming weeks. Meanwhile, the CFTC plans to discuss crypto topics at an industry event later this week.
Industry supporters and executives are warning that agency-level rules may not be a long-term solution, as they can be easily reversed by future administrations. Josh Riezman, GSR's chief legal and strategy officer, noted that the Trump administration has already rolled back dozens of SEC and consumer watchdog policies inherited from President Biden.
The Digital Asset Market Clarity Act, which aims to provide a clear regulatory framework for digital assets, has been stuck in the Senate due to opposition from both Democratic lawmakers and traditional Wall Street institutions. The bill's path forward is uncertain, with a procedural vote scheduled for September 15 requiring 60 votes.