Overview
- Senate Majority Leader John Thune filed cloture on the Digital Asset Market Clarity Act and a 60‑vote procedural test is set for September 15, leaving a narrow window for the bill to advance.
- The SEC canceled a planned open meeting on its Regulation Crypto Assets rulemaking, then published the proposal days later and opened a 60‑day public comment period.
- The proposal would create two tailored fundraising exemptions allowing token issuers to raise up to $5 million over four years or up to $75 million in a 12‑month period and would require narrative disclosures and, for the larger exemption, financial statements and ongoing reports.
- The rule also includes a conditional safe harbor that could let a token stop being treated as part of an investment contract once an issuer completes or abandons the managerial efforts it promised.
- White House concerns and pushback from Wall Street group SIFMA influenced the timing of SEC actions, underscoring that agency rules can move faster than legislation but remain vulnerable to litigation, reversal by future administrations, and the limits of executive authority.