SEC Proposes Crypto Rules in Absence of CLARITY Act

The significance here is procedural as much as substantive: with the CLARITY Act stalled, the SEC is choosing to write crypto policy itself rather than wait for Congress, and a safe harbor plus issuance exemptions would shift how token status gets determined in practice. Projects weighing US issuance and the exchanges and counsel advising them are the most directly affected. The open question is whether this framework survives congressional action or legal challenge, and whether it becomes the de facto standard other regulators reference.