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SEC cancels crypto rulemaking meeting tied to Clarity Act
The SEC also postponed unveiling its repeatedly delayed innovation exemption, with industry sources pointing to concerns over the stalled Clarity Act and Senate timing.
CoinDesk reports the U.S. Securities and Exchange Commission abruptly canceled a planned open meeting that would have advanced its Reg Crypto rulemaking and unveiled part of its innovation exemption. The meeting was originally set to cover how companies could use tokens to fundraise and potentially work toward getting out of SEC jurisdiction for certain digital assets. The SEC had also been expected to roll out at least part of the innovation exemption related to how security token issuers may handle underlying securities. According to CoinDesk, the SEC pause appears to be linked to the Digital Asset Market Clarity Act, after it became clear the bill would not receive a vote prior to the Senate's August recess. Industry sources cited by CoinDesk say the SEC held off on the innovation exemption as well, with the postponement tied to concerns about how any SEC action could complicate negotiations over the legislation ahead of the Senate's first vote next month. CoinDesk notes the situation may leave the SEC with little further action until after the Senate breaks again in early October.