The commission is advancing projects centered on crypto assets, broker-dealer requirements, and overall market structure. The asset-focused proposal aims to establish potential safe harbors and exemptions for the offer and sale of digital tokens, building on earlier initiatives that allowed firms to trade tokenized U.S. stocks. Simultaneously, the agency is revisiting financial responsibility rules—specifically amendments to Rules 15c3-1 and 15c3-3—to determine how existing broker-dealer standards apply to the digital frontier.
The third pillar of the agenda targets market structure, specifically governing how crypto assets trade on alternative trading systems and national exchanges. SEC Chair Paul Atkins has framed these efforts as a move to bring financial products onshore and provide clearer capital-raising pathways, aligning with President Donald Trump’s goal of positioning the United States as a global crypto hub.
While the SEC moves forward, Congress remains occupied with the CLARITY Act. Lawmakers are currently working to reconcile competing versions of the bill from the Agriculture and Banking Committees. With an August 7 deadline looming before the Senate’s summer recess, the legislation requires 60 votes to advance, necessitating bipartisan cooperation to move the bill toward the President’s desk.
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