Key facts
- The SEC canceled a planned meeting to initiate formal rulemaking for a new crypto fundraising framework, Regulation Crypto Assets.
- Sources suggest that the Securities Industry and Financial Markets Association (SIFMA) raised concerns about the SEC's statutory authority, potentially including the threat of legal action.
- The White House also reportedly requested the postponement to avoid complicating ongoing negotiations for the Clarity Act.
- The SEC officially attributed the cancellation to an "unforeseen scheduling issue."
- Key figures from crypto and traditional finance, including President Trump, are scheduled to attend a White House event this week.
The U.S. Securities and Exchange Commission (SEC) abruptly canceled a planned open meeting that would have initiated formal rulemaking for a new framework governing crypto fundraising, known as Regulation Crypto Assets. The meeting, announced just three days prior, was seen as an effort by the regulator to establish clearer rules for the industry while legislative efforts like the Clarity Act are pending.
Sources familiar with the matter indicate that pushback from Wall Street trade group SIFMA, which has previously opposed broad regulatory exemptions for crypto and tokenized-securities firms, played a role in the SEC's decision. SIFMA reportedly raised concerns about the SEC potentially exceeding its statutory authority, with discussions including the possibility of legal action.
Additionally, the White House is said to have requested the postponement of the meeting. This request was reportedly made to avoid complicating ongoing negotiations for the Clarity Act, a significant piece of legislation addressing both crypto fundraising and tokenized securities, ahead of a procedural vote scheduled for September 15.
An SEC spokesperson attributed the cancellation to an "unforeseen scheduling issue." The agency has not provided further details. The policy conversation surrounding crypto regulation is expected to continue this week with a White House event featuring President Trump and various crypto executives, as well as an inaugural meeting of the CFTC's Innovation Advisory Committee.