SEC could start writing crypto rules before the Senate votes on CLARITY
The SEC has three July rulemaking targets for crypto: token offerings, broker-dealer custody/compliance, and trading venue market structure. Chair Paul Atkins says the agenda is meant to bring crypto products onshore, clarify capital raising, and define how tokenized securities can be custodyed and traded. If any proposal is published, the SEC would move from policy signals to formal rulemaking before Congress decides whether to advance the CLARITY Act. The most sensitive proposal concerns crypto fundraising, including possible exemptions or safe harbors, but its legal authority is not yet specified. A second proposal would amend broker-dealer financial responsibility, customer protection, recordkeeping, and reporting rules for crypto assets. The third would address Exchange Act rules for crypto trading on alternative trading systems and national exchanges. Together, the proposals cover issuance, custody, and trading—the core elements of a regulated crypto market. Their publication could also pressure Congress by giving lawmakers a concrete SEC framework to accept, revise, or override.
