SEC Proposes New Crypto Rules
The SEC and its chair Paul Atkins proposed a new set of rules to create clear crypto regulations in the U.S., called "Regulation Crypto Assets." Atkins framed it as the most historic step yet to modernize federal securities rules for crypto assets. The proposal now enters a 60-day public comment period.
The core problem it answers: crypto builders were told for years to "come in and register," but there was no process built for how crypto networks actually develop. The rule gives issuers a path to raise money to build a network while the token that will run on that network is still being developed. The commission's March 2026 interpretation explained how a nonsecurity crypto asset can become subject to, and later stop being subject to, an "investment contract" - which counts as a security under law. Regulation Crypto Assets gives issuers of those investment contracts a clear way to follow federal securities laws within those limits. It sits at the center of the SEC's capital formation agenda.
Atkins said that when he took office he pledged to keep the U.S. as the "crypto capital of the world." He argued that under the prior SEC, issuers and investors faced an "activist SEC weaponized against this asset class," which pushed crypto innovation outside the U.S. He said the SEC is acting under its current statutory authority because the work is too important to wait.
Relation to the Clarity Act
The SEC still backs Congress's work on the Clarity Act and expects the bill to reach the president's desk. Acting now under existing authority is meant to move ahead while Congress works on crypto market structure legislation. The SEC's move is expected to push the Senate vote on the Clarity Act, scheduled for September 15 at 2 p.m. Senator Cynthia Lummis confirmed the date and time, noting Senator Thune scheduled it and Senator Scott chairs the banking committee. Lummis said forcing a vote is what makes lawmakers take a bill seriously.
White House Crypto Summit and Fed Minutes
The White House was set to host a crypto summit the next day, hosted by Donald Trump. Attendees included regulators SEC Chairman Paul Atkins and CFTC acting chairman Michael Selig, plus executives from Coinbase (COIN), Ripple, Gemini, Kraken, NASDAQ (NDAQ), the New York Stock Exchange, CME Group (CME), and the Depository Trust and Clearing Corporation. The summit is known for bringing the crypto industry and traditional finance together. The Federal Reserve's FOMC July meeting minutes were also due the same day, so more price volatility is expected.
Bitcoin Outlook
Anthony Scaramucci described Bitcoin as a "coiled spring" that has been winding up for the last five years. He expects Bitcoin back over $100K, possibly by year end. Bitcoin sits in its tightest volatility band in five years and has barely moved - it was roughly the same price when "the war started in February."
He gave three reasons for the muted price:
1. Many miners shifted compute power to AI, which disrupted the hash rate and dampened volatility.
2. Capital left crypto markets - both Bitcoin and other tokens - and flowed into AI.
3. In the four-year cycle view most crypto holders hold, Bitcoin is near the end of what would normally be its bear market phase. Two years into the cycle, about 18 or 19 months remain until the next halving.
Scaramucci stays bullish on Bitcoin. As the halving cuts new coin supply again, he expects tighter supply to lift price back over $100,000, though it will "grind for a while."
Bitcoin's realized volatility is at all-time lows, which supports the coiled-spring view. The current setup looks like the 2022 bottom, when a bottom formed and then flipped upward. Crypto is described as an early asset class, undervalued in the current bear market, with many tailwinds building. This SEC move is called the start of "alt season" and "ICO season 2.0," expected to let large amounts of money flow into crypto now that a framework exists. The market is only starting to price this in.
