SEC could start writing crypto rules before the Senate votes on CLARITY

Here is the latest from the digital-asset markets: Three SEC crypto proposals are now penciled in for July, covering token offerings, broker-dealer custody and trading venues. The agency could start writing the rules before the Senate even decides whether to take up the CLARITY Act. Earlier this week, SEC Chair Paul Atkins said the agency’s 2026 regulatory agenda aims to bring more crypto products onshore, create clearer rules for capital raising with crypto assets, and clarify how market participants can custody and facilitate the trading of tokenized securities on-chain.

According to him: “ ensure that the next chapter of financial leadership is written in the US, and that our capital markets continue to lead the world – in their depth, their dynamism, and their unrivaled ability to transform ingenuity into prosperity. ” That posture has translated into three July NPRM targets covering crypto-asset offerings, broker-dealer rules, and crypto market-structure amendments. If any of those proposals is published this month, the SEC would move the crypto debate from policy signaling into a formal rulemaking process.

Market Dynamics

That would come as US lawmakers have yet to decide whether to bring the highly anticipated CLARITY Act to the Senate floor. The bill is designed to establish a federal framework for the crypto industry and clarify how oversight is split between the SEC and the Commodity Futures Trading Commission. While CLARITY remains the broader market-structure vehicle, its momentum has slowed as the Senate calendar narrows.

Related Reading Crypto finally has a CLARITY Act date – delivery now depends on seven Senate Democrats A July 17 hearing puts crypto’s market structure bill back on the calendar, but the real test is whether CLARITY can survive Senate math, stablecoin fights and the compromises needed to become law. Jun 24, 2026 Gino Matos The SEC’s July agenda puts the agency and Congress on competing tracks. CLARITY would address the broader question of who regulates what, while the SEC can move sooner on issuers, broker-dealers, exchanges and tokenized securities.

SEC’s July agenda targets crypto’s issuance-to-trading pipeline The SEC has a chance to turn its July agenda into actual policy by starting rulemaking where crypto most often collides with securities law: how tokens are issued, how broker-dealers can custody them, and where they can be traded. RegInfo’s July target puts crypto fundraising first, with the SEC’s Division of Corporation Finance weighing new rules for how digital assets can be offered and sold. The entry says those rules could include exemptions and safe harbors designed to clarify the regulatory framework, provide greater market certainty, facilitate capital formation and protect investors.

Market Impact

That would put token issuers and projects seeking registration, exemption or disclosure paths near the front of the agency’s process. It would also move one of the industry’s longest-running disputes into a formal rulemaking channel after years in which crypto firms argued that the SEC relied too heavily on enforcement actions. This is also the most legally sensitive of the three July entries.

RegInfo lists the legal authority for the Crypto Assets proposal as “not yet determined,” meaning the agency has not identified the statutory footing in the agenda entry itself. That does not preclude a proposal, but it could become a point of attack if the SEC tries to build a broad offering framework before Congress provides it with clearer authority. Custody and broker-dealer compliance come next.

A separate July entry covers possible amendments to financial responsibility, customer protection, recordkeeping, and reporting rules as they apply to crypto assets. The entry cites Rules 15c3-1 and 15c3-3, as well as Rules 17a-3 and 17a-4. Those rules would shape how far regulated securities firms can go in crypto.

This shift continues to shape the digital-asset landscape, with analysts examining its near-term effects.