The U.S. Securities and Exchange Commission (SEC) canceled its publicly scheduled meeting for Friday morning. According to Reuters, three commissioners had planned to vote on whether to initiate the agency’s first-ever proposed rule specifically targeting crypto assets.
The original agenda focused on cryptocurrency financing exemptions.
The SEC's official notice stated only that the meeting had been "canceled," without providing a new date. The spokesperson later told the media that the reason was a "scheduling conflict," but offered no further details.
As planned, the committee will decide whether to open for public comment a proposed exemption for the issuance of crypto assets, primarily aimed at crypto startups, allowing them to raise funds without fully complying with traditional securities issuance rules.
Even if this vote passes, it will not immediately become a formal rule but will instead enter a public comment period. However, if it moves forward, this would mark the SEC’s first attempt to establish separate regulations for the crypto industry rather than continuing to apply existing securities law frameworks directly.
Progress slowed after the Senate adjourned.
The meeting was announced publicly on Monday, just four days before it was held—shorter than the SEC’s usual practice of providing a week’s notice. It is widely viewed as an attempt by the SEC to fill the gap left by congressional legislative delays.
Previously, the U.S. Senate entered a five-week recess without advancing the Clarity Act. Reports indicate that the next procedural milestone for the bill is not expected until September, making it unlikely to make further progress this year.
SEC and CFTC progress diverges
In March of this year, SEC Chairman Paul Atkins proposed a broader approach to cryptocurrency regulation, including a "safe harbor" for certain startup projects. According to the initial description, experimental projects established within four years and valued at no more than $5 million, or entrepreneurs raising no more than $75 million through investment contracts, may be eligible for this arrangement.
He also mentioned another ongoing "innovation exemption" that would allow companies to test blockchain-based products, such as stocks, without meeting all SEC disclosure requirements.
In contrast, the U.S. Commodity Futures Trading Commission (CFTC) will proceed as planned with its first meeting of the Innovation Advisory Committee on August 20. The agenda includes topics such as the evolution of crypto regulation, artificial intelligence, and prediction markets; however, the meeting is advisory in nature, primarily aimed at forming recommendations rather than directly establishing rules.