SEC may launch crypto rulemaking before Senate acts on CLARITY

US crypto firms could get formal SEC proposals before the Senate decides whether to move the CLARITY Act. That matters because once a proposal is published, the debate shifts from general policy signals to an actual rulemaking process with draft text, public comments, and possible revisions.

The SEC's July agenda includes three crypto items: rules for how digital assets are offered and sold, amendments to broker-dealer custody and compliance requirements, and market structure changes for crypto trading on alternative trading systems and national securities exchanges. Chair Paul Atkins said the agency wants clearer rules for capital raising, custody, and on-chain trading of tokenized securities.

The offerings proposal appears first and could include exemptions or safe harbors for token sales. But the agenda entry says the legal authority for that proposal is "not yet determined," which could invite challenges if the SEC tries to build a broad framework before Congress acts.

Separate broker-dealer changes would address capital, customer protection, recordkeeping, and reporting rules for crypto assets. Another proposal would look at where and how crypto-related securities can trade. Together, the three items cover issuance, custody, and trading, giving the SEC a way to start writing securities rules even if the broader Senate bill remains stalled before the Aug. 7 recess.