SEC to address crypto regulations in absence of CLARITY passage

The US Securities and Exchange Commission (SEC) has announced a meeting to consider “new rules to create a tailored offering regime for certain investment contracts involving crypto assets.” 

According to the SEC’s agenda, the commission will hold an open meeting on Friday that has the potential to address policies and regulations affecting the crypto industry in the absence of action from US Congress. Last week, lawmakers in the Senate failed to pass the Digital Asset Market Clarity Act, also known as CLARITY, which was expected to provide a comprehensive framework for financial regulators on the oversight of cryptocurrencies.

SEC Chair Paul Atkins said before the recess that the agency was “ready, willing, and able to come out with rules“ on digital assets if the Senate failed to pass the CLARITY bill, but it’s unclear how much authority the commission has without congressional action. Cointelegraph reached out to the SEC for comment but did not receive an immediate response.

The bill still has the potential to be signed into law despite the setback last week. Senate Majority Leader John Thune filed a motion for cloture for the CLARITY Act when lawmakers return from recess on Sept. 14, but the legislation would likely face significant hurdles to pass on the Senate floor, return to the House of Representatives and make it to US President Donald Trump’s desk. The president faces scrutiny and criticism from many lawmakers over his family’s crypto ventures, which many have called to be addressed under ethics provisions in the market structure bill.

Related: White House vows to get CLARITY across ‘finish line’ in September