The long-awaited crypto Clarity Act has stalled and is due a September vote but regulators are ready to step in to advance crypto rules regardless, according to reports.
Bloomberg reported Tuesday that the Securities and Exchange Commission was preparing to roll out this week initiatives to help the crypto industry. The regulator has said that it will hold an open meeting Friday “to create a tailored offering regime for certain investment contracts involving crypto assets.”
And JD Supra reported Tuesday that Commodities and Futures Trading Commission Chairman Michael Selig was ready to proceed with “rulemaking whether or not the Clarity Act is enacted, with the goal of finalizing rules before the end of the current administration.”
The news from the regulators comes as the Clarity Act stalls. Pro-crypto lawmakers were last week hoping the Clarity Act passed before Congress departed for August recess. After a delay, a vote will now go ahead in September.
Lawmakers started mulling over a new draft of the bill, which was passed by the House of Representatives last year, in July. The text that tackled the issue of ethics, banning government officials from promoting or making money from crypto.
But Democrats still had a problem with it and some were deliberately holding it back, according to Republicans like Cynthia Lummis.
Regulators the SEC and CFTC have become remarkably more crypto-friendly since President Trump took the White House.
When Gary Gensler was in charge of the SEC under Democratic President Joe Biden, the regulator went after crypto firms like Coinbase and Kraken.
Under the Republican Administration, the regulators have scrapped a number of high-profile lawsuits against crypto companies.
President Trump campaigned on a ticket to help make the United States digital asset capital of the world, and has passed pro-crypto legislation since taking office.