SEC Cancels Crypto Rulemaking Vote, Stalling Regulation

The US Securities and Exchange Commission (SEC) has cancelled its first crypto rulemaking vote, sparking uncertainty in the industry. The meeting was scheduled for August 14 at 10:00 a.m. ET to discuss a proposal for a tailored offering regime for certain investment contracts involving crypto assets, known as Regulation Crypto.

The cancellation of the meeting does not mean that the proposal is dead, but rather that it has been delayed without a new date being set. The SEC's explanation for the cancellation was brief, stating that the meeting was moved due to an 'unforeseen scheduling issue' and would be rescheduled at a later date.

The cancellation of the vote is significant because Regulation Crypto carries three components: a startup exemption, a fundraising exemption, and a safe harbor for decentralizing networks. These exemptions are crucial for crypto builders looking to raise capital in the US without triggering full securities registration.