SEC · CLARITY Act · US Congress · Federal Reserve (FED) · Cointelegraph
SEC proposes new crypto rules in absence of CLARITY Act
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The proposed rules from the US securities regulator would provide companies with a safe harbor from tokens being treated as “investment contracts” and certain exemptions for token issuance.
Key facts
- The public will have 60 days to comment on the proposal after publication in the Federal Register
- The SEC’s proposed rules in the absence of legislation from Congress came ahead of a scheduled Thursday meeting of the US Commodity Futures Trading Commission (CFTC) on crypto, AI and prediction
- Following the August recess, senators only have 14 days in session before breaking again ahead of the November election
- Atkins had been scheduled to speak at the Wyoming Blockchain Symposium on Tuesday, but canceled amid the SEC announcement
Summary
The US Securities and Exchange Commission (SEC) has proposed new rules that could affect the cryptocurrency industry after lawmakers in Congress failed to pass a market structure bill before breaking for a month-long recess. In a Tuesday notice, the SEC said that the agency proposed rules to create a “clear and fit-for-purpose framework for certain investment contracts involving crypto assets.” According to the regulator, the “tailored securities offering regime” would allow entities to raise capital while preserving investor protections. The agency’s rules did not include an “innovation exemption” for crypto-based stocks, which had also been expected to be announced.