SEC Prepares New Crypto Rules Amid Congressional Gridlock

The US Securities and Exchange Commission (SEC) is set to hold an open meeting on Friday to consider new rules for the crypto industry. The commission aims to create a tailored offering regime for certain investment contracts involving crypto assets, in response to the failure of the Digital Asset Market Clarity Act (CLARITY) to pass in the Senate last week.

The CLARITY bill was expected to provide a comprehensive framework for financial regulators on the oversight of cryptocurrencies. However, its passage was blocked, and lawmakers are now considering alternative measures to address the regulatory vacuum.

SEC Chair Paul Atkins previously stated that the agency is 'ready, willing, and able to come out with rules' on digital assets if the Senate failed to pass the CLARITY bill.