The United States Securities and Exchange Commission (SEC) temporarily cancelled the open “encrypted rules” meeting on 14 August the day before the scheduled vote. The bulletin referred only to the “unforeseen scheduling issue” and did not explain the reasons, and no new voting time was announced. At the same time, the Senate ' s move on the relevant bill has been suspended, and United States encryption has again stalled.

The original vote was on the new currency framework.

This proposal, known as the Reform Crypto proposal, is approximately 400 pages and was intended to provide three exemption routes for token projects, so that part of the financing need not directly apply the full securities registration requirement.

  • A maximum of $5 million within four years for start-up teams
  • The other path has an annual financing ceiling of $75 million.
  • Fully decentralised token exit security recognition

The meeting would have decided only whether to initiate a formal process of consultation and would not have given immediate effect to the new regulations. For the industry, however, this step means that the SEC may have moved from a law enforcement focus to a rule-making framework for encrypted assets.

The proposal is in the federal review process

On August 11th, the Council placed the meeting on its official agenda. The following day, the White House Office of Information and Regulatory Services (OIRA) received the proposed rule, number RIN 3235-AN38, indicating that it had entered the federal control process.

However, on the afternoon of August 13, the SEC withdrew the notice and announced the cancellation. At present, Reginfo.gov still lists the proposal as being under review, which is generally regarded as more of an extension than a total withdrawal.

Former SEC officials were cited by several media outlets as saying that it was not common for public meetings to be cancelled within 24 hours of the vote, especially when large-scale rule proposals were involved. No indication is currently provided as to what the so-called “unforeseen agenda problem” is.

Parliamentary legislation is slowing down.

With the exception of the SEC, there has been no new advance on the parliamentary side. The United States Senate was adjourned on 8 August without a full House vote on the CLARITY Bill and the next procedural action was postponed until 15 September.

This means that both the administrative rules and the legislative path of Congress are slowing down. The new compliance framework remains difficult to obtain in the short term for United States token projects that await clear standards of issuance and financing.

It is still in force, mainly an explanatory document issued jointly by the SEC and the United States Commodity Futures Trading Commission (CFTC) in March 2026. The document classifies encrypted assets into five categories but does not replace the complete new system.

Increased pressure on changes in membership

The current SEC has three members, Paul Atkins, and Mark Uyeda and Hester Peirce, respectively. Three constitute the minimum number currently operational.

Among them, Hester Peirce, who has long supported the encryption industry, has announced that he will leave in November 2026 and will be transferred to Regent University Science of Law. If there are no new replacements after her departure, the SEC may have only two remaining commissioners.

The legal profession is concerned that procedural proceedings are more likely to follow if significant rules are ultimately voted by the SEC, which has only two members. If this vote continues to be postponed, the final landing of the “encrypted rules” may be delayed beyond 2027.