Wall Street Pushback Halts SEC's Crypto Fundraising Framework, Sources Say

In brief

• The SEC abruptly canceled a Friday open meeting that would have launched formal rulemaking on Regulation Crypto Assets, a new framework for crypto fundraising, just three days after announcing it.
• Sources say Wall Street trade group SIFMA, which has lobbied against broad regulatory exemptions for crypto and tokenized-securities firms, raised the prospect of legal action over the SEC's statutory authority, contributing to the agency standing down.
• The policy conversation continues this week with a White House event Wednesday featuring Trump and top crypto executives, the CFTC's inaugural Innovation Advisory Committee meeting Thursday, and ongoing Clarity Act negotiations ahead of a September 15 cloture vote.

More drama in Washington’s ongoing crypto policy debate unfolded Friday when the Securities and Exchange Commission abruptly canceled a meeting that would have kicked off the formal rulemaking process for a new framework governing crypto fundraising in the United States, known as Regulation Crypto Assets.

The meeting had been announced just three days earlier and was widely viewed as the securities regulator taking the initiative to lay the groundwork for clearer crypto rules while the industry’s marquee legislation, the Clarity Act, remains in limbo until lawmakers return from recess in mid-September.