SEC to Consider New Crypto Asset Rules Following Senate's Failure to Pass CLARITY Act
Key Takeaways
- •The SEC plans to consider new rules for certain crypto-related investment contracts at an open meeting on Friday.
- •The Senate recently failed to pass the CLARITY Act, which was designed to create a comprehensive crypto market structure framework.
- •SEC Chair Paul Atkins said the agency is ready to move forward with digital asset rules if Congress does not pass the bill.
- •The SEC said it will pursue a regulatory framework within its authority while continuing to support bipartisan efforts on CLARITY.
- •Senate Majority Leader John Thune has filed cloture on the CLARITY Act for when lawmakers return on September 14.
Update (Aug. 11, 10:40 pm UTC): This article has been updated to include a response from the SEC.
The US Securities and Exchange Commission (SEC) has scheduled a meeting to consider "new rules to create a tailored offering regime for certain investment contracts involving crypto assets."
According to the SEC's agenda, the commission will hold an open meeting on Friday that could address policies and regulations affecting the cryptocurrency industry, stepping into a gap left by congressional inaction. The move signals a shift toward formal rulemaking after years in which the SEC primarily relied on enforcement actions against crypto firms under previous leadership, an approach the industry criticized as leaving compliance obligations unclear.
Last week, the Senate failed to pass the Digital Asset Market Clarity Act, commonly known as CLARITY. The bill was expected to establish a comprehensive framework guiding financial regulators on cryptocurrency oversight, including how to determine when a digital asset qualifies as a security versus a commodity and which agency — the SEC or the Commodity Futures Trading Commission (CFTC) — has primary jurisdiction over different types of tokens.
SEC Chair Paul Atkins stated before the recess that the agency was "ready, willing, and able to come out with rules" on digital assets if the Senate did not pass the CLARITY bill. However, the extent of the commission's authority without congressional action remains unclear, as the SEC's jurisdiction is fundamentally tied to the definition of a security under existing federal law — a definition that crypto-specific legislation like CLARITY was designed to update.
An SEC spokesperson told Cointelegraph:
"As Chairman Atkins has said, clear rules of the road for digital assets must be future-proofed and the SEC will continue to support bipartisan Congressional efforts to deliver the CLARITY Act to President Trump's desk. In the meantime, the Commission will work to advance a regulatory framework – within our authority and in line with market structure legislation – that will help ensure the United States remains the crypto capital of the world."
Despite last week's setback, the bill could still be signed into law. Senate Majority Leader John Thune filed a motion for cloture on the CLARITY Act for when lawmakers return from recess on September 14. The legislation would still need to clear significant hurdles, however, including passage on the Senate floor, a return to the House of Representatives, and ultimately reaching President Donald Trump's desk.
President Trump also faces scrutiny from many lawmakers over his family's cryptocurrency ventures, which critics have argued should be addressed under ethics provisions included in the market structure bill. The outcome of both the legislative process and the SEC's independent rulemaking effort will shape the compliance landscape for crypto exchanges, token issuers, and institutional investors operating in the US market.
Related: White House vows to get CLARITY across 'finish line' in September
