- The SEC has canceled its open meeting on crypto scheduled for Friday, citing a scheduling conflict.
- Some people suspect that the agency may have only given way to certain senators’ request to prevent it from jumping the gun ahead of the CLARITY Act cloture vote in September.
The US Securities and Exchange Commission has abruptly canceled its scheduled meeting on Friday, which would have focused on whether it should issue new guidance tailored to certain investment contracts related to crypto assets. Some suspect it may have something to do with the pending Digital Asset Market CLARITY Act, which hit a snag in the Senate after failing to reach a floor vote before the August recess.
SEC’s Cancellation of Open Meeting on Crypto
A spokesperson informed the public on Thursday that the SEC has canceled the open meeting on crypto set for Friday, citing an “unforeseen scheduling issue.” The agency didn’t elaborate on the subject, leaving the crypto community baffled as to what factors may have led to such an outcome.
So far, there are no other major events on the SEC’s calendar coinciding with the open meeting organized by the agency’s Division of Corporate Finance. The cancellation notice issued by Vanessa Countryman, Secretary of the SEC, also didn’t contain any details about any possible rescheduling of the matter.
Nonetheless, the SEC reaffirmed its commitment to delivering President Donald Trump’s agenda to bring more certainty to the crypto space. The spokesperson said that the agency will move the meeting to a “later date.”
Political Angle Related to the CLARITY Act
Some members of the crypto community suspect there may be more to what the SEC spokesperson is telling people. Nate Geraci, President of NovaDius Wealth Management and Co-Founder of the ETF Institute, throws in the possibility that the open meeting’s cancellation could be due to political pressure from the Senate.
Geraci stated that there may be “certain influential senators” who may have convinced the SEC to move the meeting after realizing it could proceed on rules related to crypto innovation with or without Congress passing the CLARITY Act. He believes that such an angle would bode well for the bill’s passing.
Many people agreed with Geraci’s take, adding that pressure in the upcoming midterm election may be coming into play. With the looming polls, lawmakers are likely sensitive to the prospect of one party, particularly the Republican bloc of the administration, taking the credit for any major regulatory progress ahead of November.
Bipartisan sponsors of the CLARITY Act are probably keen on ensuring that Congress, rather than an agency, will set the tone for the regulation of the digital asset ecosystem to prevent one side from hogging the victory.
