SEC cancels long-awaited proposal of Reg Crypto, postponing meeting without new date
The first major crypto rule to be proposed by the U.S. Securities and Exchange Commission will have to wait a bit longer after a sudden postponement.
The U.S. Securities and Exchange Commission recently canceled a planned meeting to propose Regulation Crypto, a long-awaited rulemaking effort in the digital assets sector. The agency attributed the cancellation to an unforeseen scheduling issue and announced that the meeting would be rescheduled to a later date. The absence of progress in the Senate's Digital Asset Market Clarity Act, which aims to provide a legal framework for crypto market activity in the U.S., had led the industry to expect the SEC to take the lead in this area.
Reg Crypto was anticipated to establish a limited framework for issuing crypto securities without triggering registration requirements, allowing for eventual transition out of SEC regulatory oversight. As the Senate remains uncertain about the success of the Clarity Act, the industry now awaits guidance from either the SEC or Congress.
SEC Chairman Paul Atkins had emphasized Regulation Crypto as a key component of his digital assets regulatory plan. Until the SEC implements a more comprehensive regulatory framework, the sector has relied on crypto policy statements to clarify the agency's position on digital assets. Additionally, the industry had hoped for the SEC's innovation exemption for tokenizing securities, but this too is expected to be delayed.
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