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SEC cancels meeting on proposed crypto rules for startup exemptions
The SEC had planned to vote on exemptions that would let crypto startups raise capital without complying with traditional securities offering rules.
The U.S. Securities and Exchange Commission abruptly canceled a meeting scheduled for Friday on whether to propose new crypto-related rules, according to Reuters.
The vote was set to consider highly anticipated exemptions that would allow crypto startups to raise capital without having to comply with traditional securities offering requirements.
Reuters reports the delay follows the Senate leaving Washington for a five-week recess without voting on the industry’s top legislative priority, the Clarity Act, which lobbyists said would create federal rules tailored to cryptocurrencies and improve companies’ legal standing.
Under SEC Chair Paul Atkins, the agency has reversed course on crypto policy and outlined plans to overhaul capital markets rules for tokens, including ideas previously floated such as safe harbor provisions and a fit-for-purpose startup exemption.