A new proposal by the U.S. Securities and Exchange Commission (SEC) is a significant step forward from the complex of ‘ill-suited’ crypto rules, according to Commissioner Hester M. Peirce.
“An entire generation has struggled under the SEC’s persistent course” and the application of “a set of ill-suited rules to crypto,” but the SEC’s new crypto guidelines bring “clear, sensible, and workable rules for crypto offerings” closer, Peirce said in a statement published on Tuesday.
SEC Chairman Paul S. Atkins also welcomed the initiative. The agency’s previous approach, largely based on enforcement, “has pushed investment overseas, limiting the types of protections we can provide investors here,” he said in a separate statement.
In a notice published on Tuesday, the SEC proposed new rules to create a “clear and goal-appropriate framework for certain investment contracts related to crypto assets.” It will allow organizations to raise capital while maintaining investor protection.
The proposal came just days after the U.S. Senate failed to advance the Digital Asset Market Clarity (CLARITY Act) bill. The document is intended to create a comprehensive framework for financial regulators overseeing the crypto industry.
On July 27, Atkins told CNBC that the agency was “ready, willing, and able to develop rules” for digital assets if the Senate could not pass the CLARITY Act.
Meanwhile, Galaxy Digital lowered its estimate of the chances of the CLARITY Act being passed in 2026 to 10%. The company warned that numerous policy questions remained unresolved, and after resuming work on September 14, the Senate would have only about two to three weeks to pass it.
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