The U.S. Securities and Exchange Commission is preparing a dedicated rule set for crypto asset issuance. According to CoinDesk, SEC Chair Paul Atkins has scheduled an Aug. 14 commission meeting to introduce a framework called “Reg Crypto” and open it for public comment.
Framework aimed at certain investment-contract offerings
Reg Crypto is described as an issuance regime tailored to certain investment contracts. In practice, it would create a compliant public-offering route for some crypto assets that exist in the form of investment contracts.
The SEC issued notice of the Friday meeting late on Monday with relatively short lead time, even though the matter had already been on the agenda for some time.
Part of a wider SEC rulemaking plan
Reg Crypto sits within a broader regulatory blueprint at the agency. The SEC is planning new rules to formally establish oversight for token issuance, custody, trading platforms and broker-dealer activity.
Within that effort, a rule covering “crypto assets” has been designated as having major economic significance and is expected to enter the Notice of Proposed Rulemaking, or NPRM, stage later this month.
Move comes after Senate failed to advance Clarity Act vote
The timing is notable. It comes just after the U.S. Senate failed last week to begin a key vote on the Digital Asset Market Clarity Act.
As described in the report, with the congressional route stalled, regulators are moving to build a framework through administrative rulemaking. ChainCatcher had also previously reported that, after the Senate delayed the Clarity Act, the bill’s odds of passing before the August recess at one point fell to 37%.
The SEC commission currently consists of three commissioners, all Republicans. With legislation still in limbo, the agency’s move would put in place an initial path for digital asset issuance before Congress acts.