Key facts
- The SEC canceled a meeting to vote on proposing its first crypto-specific rules.
- The meeting was also to address a proposed 'innovation exemption' for tokenized securities.
- A spokesperson cited an 'unforeseen scheduling issue' for the cancellation.
- The delay follows concerns from the White House and Wall Street firms like SIFMA.
- The White House reportedly fears the exemption could complicate congressional negotiations on digital asset legislation.
- SIFMA argues that market structure changes should occur through formal rulemaking, not exemptions.
The U.S. Securities and Exchange Commission (SEC) has canceled an open meeting scheduled for Friday, at which its commissioners were to vote on proposing the agency's first crypto-specific rules, including a potential 'innovation exemption' for tokenized securities. A spokesperson cited an 'unforeseen scheduling issue,' with no new date announced. The meeting's cancellation follows concerns voiced by the White House and Wall Street firms like SIFMA. The White House reportedly fears the proposed exemption could complicate ongoing congressional negotiations on digital asset legislation, while SIFMA argues that significant market structure changes should be addressed through formal rulemaking rather than exemptions. This delay comes as the Senate has departed for a five-week recess without advancing the CLARITY Act, a bill aimed at providing regulatory clarity for tokenized securities. SEC Chair Paul Atkins had previously outlined guidance for a potential safe harbor for crypto startups, and the Commodity Futures Trading Commission (CFTC) is proceeding with its own advisory committee meeting on crypto regulatory evolution.