SEC Taps Brakes on Crypto Rules Amid CLARITY Bill Stalemate

The US Securities and Exchange Commission (SEC) has scheduled an open meeting to discuss new rules for regulating cryptocurrencies. The commission will consider creating a tailored offering regime for certain investment contracts involving crypto assets. This move comes after the Senate failed to pass the Digital Asset Market Clarity Act, also known as CLARITY, which aimed to provide a comprehensive framework for financial regulators on overseeing cryptocurrencies.

SEC Chair Paul Atkins previously stated that the agency was 'ready, willing, and able to come out with rules' on digital assets if the Senate failed to pass the CLARITY bill. However, it's unclear how much authority the commission has without congressional action. The SEC has not responded to a request for comment.

Despite the setback, the bill still has the potential to be signed into law. Senate Majority Leader John Thune filed a motion for cloture for the CLARITY Act when lawmakers return from recess on September 14th. However, the legislation would likely face significant hurdles to pass on the Senate floor and make it to President Donald Trump's desk.