SEC Takes Major Step Towards Formal Crypto Regulation After CLARITY Act Fails

The U.S. Securities and Exchange Commission (SEC) is taking steps towards formal crypto regulation. The Senate failed to advance the CLARITY Act before its August recess, which means the SEC will hold an open meeting on Friday to consider proposing a tailored framework for certain crypto investment contracts.

This move comes as the SEC prepares to provide clarity on how it views various types of digital assets. The framework is expected to outline specific rules and guidelines for these contracts, providing much-needed certainty for investors and market participants.