SEC delays crypto fundraising framework due to Wall Street legal pressure and uncertainty around the Clarity Act.
Regulation & Gov ·
The SEC abruptly canceled a Friday open meeting slated to initiate formal rulemaking on Regulation Crypto Assets, a proposed framework for crypto fundraising, just three days after the announcement. While the agency cited an "unforeseen scheduling issue," sources indicate that Wall Street trade group SIFMA signaled potential legal action over whether the SEC possessed the statutory authority to proceed, pressuring the regulator to stand down. The Securities Industry and Financial Markets Association has previously opposed broad exemptions for crypto and tokenized-securities operations, warning in June 2025 that such relief could create regulatory arbitrage and weaken investor protections.
The White House also reportedly urged postponement amid concerns that the cryptocurrency fundraising proposal and a separate innovation exemption could jeopardize ongoing Clarity Act negotiations before a September 15 Senate procedural vote. The Clarity Act addresses both crypto fundraising and tokenized securities, making regulatory moves by the SEC potentially consequential to its legislative prospects. The SEC's Crypto Task Force had spent months developing an innovation exemption granting crypto firms greater flexibility in trading tokenized securities, potentially to be announced alongside the fundraising framework.
What remains uncertain is whether the SEC will reattempt the rulemaking after the Clarity Act vote, whether SIFMA will pursue formal legal challenge, or how the White House and SEC may coordinate around the legislative timeline. The policy landscape continues to shift, with scheduled White House crypto discussions and CFTC committee meetings underway this week.