Update for XRP Holders: This Fresh Action Puts Pressure On CLARITY Act Passage

The SEC canceled its August 14 crypto rulemaking meeting with no new date confirmed. Nate Geraci, President of The ETF Store and co-founder of the ETF Institute, believes that may be a good sign for the CLARITY Act. The agency cited an “unforeseen scheduling issue.”

The meeting had been scheduled to propose Regulation Crypto, the SEC’s first formal rulemaking for digital assets. It was announced just four days prior on unusually short notice. The abrupt cancellation left the industry without the regulatory signal it had been anticipating.

Geraci’s Take On the Situation

Geraci suggested certain influential Senators may have come to their senses. His view is that those Senators recognized the SEC could and would move forward on crypto innovation regardless of Congressional action.

If that realization drove any behind-the-scenes pressure, it may signal renewed urgency around the CLARITY Act. Geraci’s position is that this development could bode well for the bill’s passage.

The SEC’s Posture

The SEC had made its intentions clear before the cancellation. Chair Paul Atkins stated the agency is “ready, willing, and able to come out with rules” whether Congress acts or not. Commissioner Hester Peirce echoed that position, confirming the SEC will advance work on custody, tokenized securities trading, and fundraising frameworks for crypto assets.