Clarity Act Slips to September; SEC to Debate Crypto IPO Rulebook on Friday

The U.S. Senate has not advanced the Clarity Act—widely viewed as a key bill for Bitcoin and the broader crypto market—before the August recess, pushing consideration to September. In the meantime, the U.S. Securities and Exchange Commission is moving to shape a regulatory pathway for public offerings involving certain crypto-asset investment contracts. Eleanor Terrett, host of "Crypto In America," said the SEC will hold an open meeting Friday to discuss rules that would establish an IPO framework for these products. The meeting will focus on which securities rules should govern IPOs tied to specific crypto-related investment contracts. The SEC has been working on the draft for months and will decide internally whether to release the proposal for public comment. If cleared, a public comment period of at least 60 days would begin. Timing and scope remain uncertain. After the comment window, the SEC would review submissions, revise the text if needed, and later bring a final version to a vote—a process expected to take months before any rules take effect. The initiative is broadly being referred to as "Regulation Crypto." Market participants welcomed the move. TD Cowen analyst Jaret Seiberg called it the first of several steps likely to add clarity for crypto markets after the Senate's delay. This is not investment advice.