SEC Forges Ahead with Digital Asset Regulations Amid Congressional Gridlock

The US Securities and Exchange Commission (SEC) is taking steps to regulate digital assets without waiting for Congress. The agency has scheduled an open meeting on August 14 to consider a proposal that would make it easier for crypto companies to raise money without registering as securities.

The Senate's Clarity Act, which aims to divide oversight of crypto markets between the SEC and Commodity Futures Trading Commission (CFTC), is stalled in Congress. The bill would treat most established tokens, including Bitcoin (BTC) and Ethereum (ETH), as commodities under CFTC authority while keeping securities law focused on fundraising and other activity regulated by the SEC.

CFTC Chairman Michael Selig has stated that his agency will write crypto rules regardless of Congressional action. Selig and SEC Chair Paul Atkins are coordinating efforts to define which agency controls which corner of the crypto market, an effort connected to Project Crypto.