Key facts
- The SEC has canceled a meeting on crypto rulemaking.
- The SEC meeting was also set to discuss an innovation exemption.
- The postponement is reportedly due to concerns about the Digital Asset Market Clarity Act.
- Galaxy Research has lowered its odds for the act's passage.
- Political headwinds and lobbying efforts are cited as reasons for the act's setbacks.
The Securities and Exchange Commission (SEC) has canceled a scheduled meeting that was set to address cryptocurrency rulemaking and an innovation exemption. This postponement is reportedly a consequence of concerns arising from the Digital Asset Market Clarity Act. The act, intended to provide regulatory clarity for digital assets, appears to be facing significant hurdles. Galaxy Research, a notable entity in the digital asset space, has significantly decreased its assessment of the act's likelihood of passing. The firm cites prevailing political headwinds and substantial lobbying efforts as primary reasons for this revised outlook. These factors suggest a more challenging legislative environment for the proposed digital asset legislation.