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The SEC is set to move this week. The agency plans a public meeting on Friday to create a tailored offering framework targeting specific investment contracts related to crypto assets — coinciding with the recent postponement of the Clarity Act vote to September.
The timing is no coincidence. Pro-crypto lawmakers had hoped to pass the Clarity Act before Congress’s summer recess. That didn’t happen. But instead of waiting, the two major U.S. regulators — the SEC and the CFTC — seem to have decided to proceed on their own, legislative text or not. Michael Selig, Chairman of the Commodity Futures Trading Commission, has been clear about this: he wants to finalize favorable rules for the sector before the end of the current administration, regardless of what happens in Congress.
No pause. No waiting.
Total Reversal from the Biden Era
The contrast with the previous administration is stark. Under Joe Biden, the SEC launched aggressive lawsuits against major industry players — notably Coinbase and Kraken. The regulatory environment was clearly hostile. Crypto companies navigated in a constant legal gray area, with the looming threat of legal action.
Since Donald Trump took office, the tone has radically changed. Several lawsuits have been dropped. Both the SEC and the CFTC have adopted a much more open stance towards the sector. Trump campaigned on a specific promise: to make the United States the global capital of digital assets. And since taking office, he has enacted several pro-crypto laws to that effect.
It’s not just rhetoric. The dropping of lawsuits is concrete.
Clarity Act Stalled by Political Tensions
The Clarity Act remains stuck. The text was passed by the House of Representatives last year — an initial encouraging signal for the industry. In July, lawmakers reviewed a new version of the bill, but disagreements persist. And they are political.
On the Republican side, Senator Cynthia Lummis has openly accused some Democrats of deliberately stalling the progress of the text. The Democrats in question aren’t necessarily wrong to raise questions — the bill addresses sensitive issues, including a provision that prohibits government officials from promoting or personally profiting from cryptocurrencies. This is likely the major sticking point.
It’s unclear if this issue will be resolved before September. No details on ongoing negotiations.
Meanwhile, the regulators are not waiting. The CFTC and the SEC are moving forward. Michael Selig explicitly stated: the goal is to have finalized rules before the end of the current term. This kind of administrative deadline creates real pressure — agencies know that a political shift can reset everything, as just happened in reverse.
The crypto sector finds itself in a somewhat paradoxical situation. On one hand, the regulatory environment is clearly more favorable than it was two years ago. Lawsuits are dropping, agencies are opening doors, bills are progressing — albeit slowly. On the other hand, the absence of a clear legislative framework like the Clarity Act maintains a form of structural uncertainty. Companies know the current stance depends on an administration, not a permanent law.
This is a huge difference for institutional investors who need visibility over several years, not just until the next election.
The SEC meeting on Friday will be one to watch. If the announced tailored offering framework takes shape quickly, it could send a concrete signal to the market — independent of the Clarity Act’s fate in the Senate. Meanwhile, the CFTC continues to work on its own rules. Two agencies, two parallel projects, one stated goal: not to let legislative gridlock slow down the sector.
Cynthia Lummis remains one of the most active voices to unlock the situation in Congress.
Frequently Asked Questions
What exactly is the SEC planning this week?
The SEC is holding a public meeting on Friday to create a tailored offering framework for investment contracts involving crypto assets.
Why was the vote on the Clarity Act postponed?
The vote is postponed to September, partly due to disagreements between Republicans and Democrats, particularly on ethical provisions prohibiting officials from profiting from cryptocurrencies.
What did Michael Selig say about crypto regulation?
The CFTC chairman said he wants to finalize favorable rules for the sector before the end of the current administration, whether the Clarity Act is adopted or not.
