SEC to address crypto regulations in absence of CLARITY passage

The US Securities and Exchange Commission (SEC) is set to convene a meeting on Friday to deliberate on the creation of "new rules to create a tailored offering regime for certain investment contracts involving crypto assets," according to the SEC's agenda. This move comes in the wake of the Senate's failure to pass the Digital Asset Market Clarity Act, also known as CLARITY, which aimed to provide a comprehensive framework for financial regulators to oversee cryptocurrencies.

Senator John Thune has filed a motion for cloture on the CLARITY Act when lawmakers return from recess on September 14, but the legislation is expected to face significant hurdles in passing through the Senate, the House of Representatives, and ultimately, the desk of US President Donald Trump.

SEC Chair Paul Atkins had previously stated that the agency was ready, willing, and able to issue regulations on digital assets should the Senate fail to pass the CLARITY bill. However, the extent of the Commission's authority in the absence of congressional action remains unclear. In response to the setback, SEC spokesperson Michelle Coon told Cointelegraph that the Commission remains committed to supporting bipartisan Congressional efforts to pass the CLARITY Act and will work to advance a regulatory framework within its authority to ensure the United States remains the global leader in the crypto industry.