SEC Moves First: Independent Crypto Fundraising Rules Are Set to Take Effect, the CLARITY Act Faces an Escalation of the Standoff

Gate News update: The U.S. Securities and Exchange Commission is accelerating the development of a regulatory framework for cryptocurrencies. U.S. Securities and Exchange Commission Chair Paul Atkins said the SEC is establishing standalone crypto fundraising rules through administrative processes and will not wait for the CLARITY Act pushed by Congress to be enacted.

At the core of the rule is the introduction of a “safe harbor” mechanism, covering registration exemptions, financing exemptions, and investment contract exemptions. The goal is to provide a compliant path to funding for crypto startups while strengthening information disclosure and protecting investors. The related proposals are currently in the White House review stage and are just one step away from formal release.

Compared with the CLARITY Act being advanced by Congress, the SEC’s approach is more focused on regulatory implementation. The “Reg Crypto” provisions in the CLARITY Act would allow projects to conduct token issuances and fundraising under certain conditions, promote decentralized development, and also specify that assets including Bitcoin, Ethereum, XRP, DOGE, ADA, SOL, etc. are not securities.

However, the standalone rule the SEC has drafted sets higher thresholds in areas such as fundraising limits and disclosure standards, and is viewed as a supplement to the legislative framework. At the same time, regulators are also moving forward with “tokenization innovation exemptions,” allowing blockchain products to be tested in controlled environments and creating room for experimentation as traditional finance and the crypto industry converge.

Currently, due to ongoing Senate negotiations over issues such as stablecoin yield mechanisms, progress on the CLARITY Act has slowed somewhat. Senator Bill Hagerty said the bill is expected to enter a key review phase in April.

Against the backdrop of parallel progress on legislation and regulation, U.S. crypto policy is gradually becoming clearer. In the short term, SEC-led rules may be the first to affect the market, providing clearer compliance boundaries for project financing, token issuance, and institutional participation.