FORMER STAFF MEMBER OF THE SEC: EVEN THOUGH THE CLARITY ACT WAS PASSED, IT WOULD TAKE MONTHS FOR THE SEC AND THE CFTC TO DEVELOP SPECIFIC RULES OF IMPLEMENTATION

On 14 August, a former SEC employee, Anne Kelley, wrote on platform X that the United States Constitution gave Congress exclusive legislative power. In its own judgement, Congress then delegated some of its powers to federal bodies such as SEC, which formulate the rules for the implementation of the relevant laws. Tomorrow ' s public meeting on the United States-SEC token innovation exemption, even if held, is only the first formal part of the proposed rule-making process and does not mean that the final rule has been established. This is followed by a process of public consultation, at which parliamentarians often express their views, which usually takes months. The Commission could advance rule-making in a variety of procedural forms: public meetings, case-by-case deliberations, the issuance of provisional final rules in limited circumstances, or regulatory guidance. However, formal rules that are binding on the entity must still comply with the Administrative Procedure Act (APA). Should the CLARITY Bill be passed during this period, the regulatory body would not need to reverse, and it could build on existing work by issuing a proposal for amendment of the Supplementary Proposed Rulemaking Notification (SNPM). Even with the successful passage of the CLARITY Bill tomorrow, the SEC and the United States Commodity Futures Trading Commission (CFTC) still need to draft accompanying implementing rules, a process that will take at least months. This is why the GENIUS Act was passed a year ago and has not yet been fully landed. There is no one-size-fits-all solution. The Code of Administrative Procedure must be followed if the rules are to be sustainable and subject to judicial review. We deserve to support the compliance process. The matter should not turn into a confrontation between the SEC and Congress, which should have worked together。