- The U.S. SEC has abruptly canceled a public meeting that was set to discuss digital-asset, or cryptocurrency, rulemaking.
- CoinDesk reported that concerns over negotiations on the Clarity Act, a bill aimed at defining the digital-asset market, were a factor in the SEC’s decision to delay the meeting.
- Industry participants said the rulemaking process and companies’ compliance preparations could each take up to a year, meaning the final regulatory framework may not be settled until the next administration takes office.
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The U.S. Securities and Exchange Commission has abruptly canceled a public meeting it had planned to discuss digital-asset rulemaking.
CoinDesk reported on Aug. 16 that the SEC scrapped the public meeting that had been scheduled for last Thursday and said it would announce a new date later. The agency had planned to unveil a proposed “Reg Crypto” rule that would set out how companies could use tokens to raise capital without falling under SEC jurisdiction. It had also been expected to release part of a long-delayed innovation exemption framework.
CoinDesk, citing several people familiar with the matter, reported that concerns over the Clarity Act, a bill designed to define the digital-asset market, were behind the delay. The White House and Congress apparently concluded that a separate SEC move could complicate ongoing negotiations over the legislation ahead of the Senate’s first vote next month.
Earlier this month, it became clear that the Clarity Act would not come to a vote before the Senate’s August recess. That led some in the industry to hope regulators might act first if Congress did not. Even so, regulatory action could face court challenges and would be relatively easier for a future administration to reverse.
According to CoinDesk, industry participants estimate the rulemaking process alone could take up to a year, followed by another year for companies to prepare for compliance. That timeline could leave the final regulatory framework to be settled around the start of the next administration, deepening uncertainty over regulatory continuity.
Separately, the White House plans to invite chief executive officers of crypto companies for private meetings this week ahead of a Commodity Futures Trading Commission meeting. The CFTC’s Innovation Advisory Committee is also scheduled to meet on Aug. 17 in the afternoon.
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