U.S. SEC sets meeting to propose Reg Crypto to support certain digital assets offerings
The U.S. SEC has scheduled a meeting for August 14 to propose 'Reg Crypto,' a new regulatory framework aimed at providing clarity for digital asset offerings. This move follows the failure of the Digital Asset Market Clarity Act in the Senate and seeks to establish a formal path for crypto firms to raise capital.
Why it matters
Formal rulemaking by the SEC could provide much-needed legal certainty for the crypto industry, potentially reducing the volatility associated with staff-level policy statements.
SEC Chairman Paul Atkins has long set the goal of this rulemaking as one of the major points of his crypto regulatory plan, and the agency has schedeuled August 14 for the meeting at which the three-member commission (all Republicans) will open the SEC proposal for public comment. The regulator issued a Monday night notice announcing the Friday meeting with unusually short notice, though it's been on the agency's agenda for some time .
The start of Reg Crypto's approval process — said to involved "a tailored offering regime for certain investment contracts" — follows closely on the heels of last week's failure of the Senate to begin key votes on the Digital Asset Market Clarity Act that was meant to give a legal foundation for crypto market rules in the U.S.
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