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Last night, the SEC abruptly canceled a vote on new rules that could create tailored fundraising exemptions and safe harbors for crypto projects, clarifying what has circulated somewhat nebulously as another “crypto rules” vote.
Friday’s vote would not have enacted the rules. Commissioners were scheduled to decide whether to formally propose the framework and send it out for public comment.
What’s the Scoop?
- Vote Delayed: The SEC canceled Friday’s meeting on Thursday, citing an “unforeseen scheduling issue.” While the SEC has not rescheduled yet, there is no indication that the proposal itself was abandoned.
- What It Would Do: SEC Chair Paul Atkins previewed the framework in March as a way to give crypto projects simpler paths to raise capital. It could include a startup exemption giving projects up to four years of runway, a fundraising exemption allowing up to $75 million annually with tailored disclosures, and a safe harbor defining when a token would no longer be treated as part of an investment contract. These were examples Atkins floated, not final rule terms.
- Congressional Stopgap: These rules would not be "Congress-approved," even if the SEC ultimately adopts them. Without CLARITY in effect, they could still be changed by a future Commission, challenged in court, or superseded by Congress, making legislation the more durable solution.
