The schedule change is seen as driven more by regulatory coordination with politics than by the SEC’s internal procedures. Industry officials said the White House requested the delay after concluding the two regulatory issues could affect bill negotiations. With the Clarity Act set to face a Senate procedural vote in mid-September, there is also a view that the administration sought to align with legislative talks rather than rush separate regulatory steps.
Market participants also cite potential pushback from the financial industry as a variable. The Securities Industry and Financial Markets Association, whose members include Wall Street brokerages, investment banks and asset managers, has opposed broad deregulation for crypto and securities-token companies over the past year. In a June 2025 letter, it urged the SEC to pursue a public comment process rather than change rules through exemptions or no-action letters. It also warned that sweeping easing could create regulatory gaps, reduce market liquidity and worsen investor protection.
The possibility of litigation was also cited as a factor influencing the White House’s judgment. According to multiple officials, SIFMA discussed the option of pursuing legal action if it concluded the SEC had exceeded its authority under federal securities law. From the administration’s perspective, it may have sought to avoid unnecessary legal conflict amid overlapping congressional negotiations, regulatory efforts and industry opposition.
Against this backdrop, policy dialogue between the U.S. government and the crypto industry is expected to continue this week. An event is scheduled at the White House on Aug. 20, with SEC Chair Paul Atkins (폴 앳킨스) and Commodity Futures Trading Commission Chair Michael Selik (마이클 셀릭) set to attend. Attendees are also expected to include Coinbase Chief Executive Brian Armstrong (브라이언 암스트롱), Ripple CEO Brad Garlinghouse (브래드 갈링하우스) and Kraken co-CEO Arjun Sethi (아르준 세티), among figures from the crypto, prediction-market and traditional finance industries, and U.S. President Donald Trump is expected to speak.
On Aug. 21, Selik is to chair the first meeting of the CFTC’s Innovation Advisory Committee. The agenda includes crypto regulation as well as artificial intelligence, the expanding role of agent-based finance and prediction markets.
Key points to watch are when the SEC reschedules the delayed meeting and whether the mid-September vote schedule for the Clarity Act is finalised. If the SEC’s rulemaking and Congress’ legislative deliberations diverge, uncertainty in the U.S. crypto regulatory framework could rise again. If the White House, regulators and Congress succeed in coordinating schedules, standards around crypto fundraising and tokenised securities could still be settled at once.
